trust account

American  

noun

1. an account of property established with a trust company by a grantor, for distribution during or after the grantor's lifetime.

2. 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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trust account British  

noun

1. 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. property under the control of a trustee or trustees

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Example Sentences

Ultimately, the money from the sale of the house will go into mom’s trust account and be used to help her until her final days.

From MarketWatch

They also have more than $300,000 in trust accounts for emergencies, which could go toward paying taxes on Roth conversions.

From The Wall Street Journal

We have $2.8 million invested in IRAs, a Roth IRA and a trust account.

From MarketWatch

After Girardi’s fraud conviction last year, Kamon reached a deal with prosecutors under which he pleaded guilty to wire fraud and acknowledged that he had routinely transferred money from client trust accounts at Girardi’s direction.

From Los Angeles Times

When M.C.’s family asked Elliott about the trust account or for bank statements, he “lulled them into compliance by getting upset and telling them that everything was under control,” according to the indictment.

From Los Angeles Times