trustee account


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Noun1.trustee account - a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetimetrustee 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
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"
References in periodicals archive ?
These are held in a trustee account and are then arranged to be transferred offshore, ie.
They said the lost $84,274 when two checks issued from their lawyer's trustee account bounced.
A trustee account for William Nguyen and his family is being set up by his sister, Lisa Nguyen.
In its trustee account, risks are limited due to the absence of trust assets with principal guarantee agreements.
102) To give substance to the beneficiaries right to make the trustee account for exercise of his discretions, surely the beneficiaries need to be able to see the letter of wishes indicating the purposes for which those discretions were conferred upon the trustee.
The recent Building Society (Distribution) Act, it says, related only to trustee account holders acting for elderly, sick or disabled members.
A change in the law means trustee account holders must now benefit.
whether the funds held in the trustee account are subject to substantial limitations or restrictions which bar the application of the constructive receipt doctrine.