trust account

noun

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.

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British Dictionary definitions for trust account

trust account

noun

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