What does trust account mean?

Definitions for trust account
trust account

This dictionary definitions page includes all the possible meanings, example usage and translations of the word trust account.

Princeton's WordNet

  1. savings account trust, savings bank trust, trust account, trustee account, Totten trustnoun

    a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary

Wikipedia

  1. trust account

    A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary.Custodial accounts come in a number of forms, one being an account set up for a minor, since the minor is under the legal age of majority. The custodian is often the minor's parent. In the U.S., this type of account is often structured as a Coverdell ESA, allowing for tax-advantaged treatment of educational expenses. Another form is a trust account owned by an individual or institution, managed by a named party for purposes of rapid distribution of funds in that account. This is commonly used for petty cash, or for transactions that have very limited and clearly defined payees and transaction types. For example, law firm accounting includes trust accounts for disbursing funds entrusted to the law firm by each client for the client's benefit.

ChatGPT

  1. trust account

    A trust account is a legal arrangement providing a safe place to hold and regulate funds for a transaction or for an individual, often with legal or contractual specifications regarding its use. Such accounts are typically established and managed by a trustee on behalf of a beneficiary, such as in the case of estate planning, or as an escrow account in real estate or other transactions. It ensures that the money is used only for the defined purpose.

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Numerology

  1. Chaldean Numerology

    The numerical value of trust account in Chaldean Numerology is: 3

  2. Pythagorean Numerology

    The numerical value of trust account in Pythagorean Numerology is: 4

Examples of trust account in a Sentence

  1. Massachusetts Superior Court:

    Bailey is guilty of the most serious and basic trust account violations.


Translations for trust account

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"trust account." Definitions.net. STANDS4 LLC, 2024. Web. 29 Mar. 2024. <https://www.definitions.net/definition/trust+account>.

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