Account in trust

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Account in trust

Account managed by the account holder for another person, called the beneficiary. For example, an account opened by parents to give money to their minor children.

Account in Trust

An account at a bank, brokerage, or insurance company that is held by one person but managed by another. That is, while one person owns the account in trust, another (often a parent or guardian) manages it. Often, the account is only held in trust until certain conditions are filled. For example, a child may take control of an account in trust upon reaching age 18.