- an account of property established with a trust company by a grantor, for distribution during or after the grantor's lifetime.
- Also called trustee account. Banking. a savings account over which the depositor, while living, has sole control as trustee, and which upon the death of the depositor becomes payable to the beneficiary.
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
- 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
- property under the control of a trustee or trustees
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012