Account In Trust
The person managing an account in trust is a fiduciary to the ultimate owner or beneficiary of the account. A good example of such accounts are accounts managed by adults for minors, such as Uniform Transfers to Minors (UTMA) accounts. The term can also be used generically for any trust account, regardless of whether there is a formal trust agreement.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
account in trust — Account established by an individual to be held in trust for the benefit of another … Black's law dictionary
account — I (evaluation) noun appraisal, assessment, com pre rendu, enumeration, financial statement, ledger, list of receipts and payments, ratio, register, statement, statement of debits and credits, statement of pecuniary transactions, tally, valuation… … Law dictionary
trust account — noun 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 • Syn: ↑savings account trust, ↑savings … Useful english dictionary
account — a record of a business transaction. When you buy something on credit, the company you are dealing with sets up an account . This means it sets up a record of what you buy and what you pay. You will do the same thing with any customers to whom you … Financial and business terms
account — A detailed statement of the mutual demands in the nature of debit and credit between parties, arising out of contracts or some fiduciary relation. A statement in writing, of debits and credits, or of receipts and payments; a list of items of… … Black's law dictionary
trust — n 1 a: a fiduciary relationship in which one party holds legal title to another s property for the benefit of a party who holds equitable title to the property b: an entity resulting from the establishment of such a relationship see also… … Law dictionary
trust account — UK US noun [C] FINANCE ► a bank account that is used by a person or organization to manage money for another person or group of people: »The money was deposited in a trust account for her until she reached the age of 18. ► an account that is used … Financial and business terms
trust account — n: an account opened with a trust company (as a bank) under which an inter vivos or testamentary trust is set up (as for the escrow of funds) Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
Trust (social sciences) — Trust is a relationship of reliance. A trusted party is presumed to seek to fulfill policies, ethical codes, law and their previous promises.Trust does not need to involve belief in the good character, vices, or morals of the other party. Persons … Wikipedia
trust account — n. 1. TRUST (n. 8c) 2. a savings account in a bank, the balance of which, at the death of the depositor, goes to a predesignated beneficiary … English World dictionary