trust account

trust account

n

1. (Economics, Accounting & Finance / Banking & Finance) Also called trustee account a savings account deposited in the name of a trustee who controls it during his lifetime, after which the balance is payable to a prenominated beneficiary

2. (Law) property under the control of a trustee or trustees

Thesaurus

Noun

1.

trust account - 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 savings account trust, savings bank trust, Totten trust, trustee account trust - something (as property) held by one party (the trustee) for the benefit of another (the beneficiary); "he is the beneficiary of a generous trust set up by his father"