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"
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
It offers tight control over every booking; handling payments and deposits through a bank secured trustee account; and nally collecting reviews about the owners, renters, and boats.
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.
In its trustee account, risks are limited due to the absence of trust assets with principal guarantee agreements.
The settlor also must intend to grant the beneficiaries the ability to bring the trustees to account in the exercise of the trustee's discretionary duties and powers, since accountability of the trustee to the beneficiaries is at the core of the trust concept.(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.(103) Without knowing such purposes, how can the beneficiaries possibly monitor the trustee's conduct and establish a prima facie case of improper exercise of powers?