trust account
Held-funds arrangement
A trust account is a bank account holding funds managed by one party on behalf of another.
Lawyers maintain trust accounts to keep client funds separate from firm money.
Real estate agents hold deposits in trust accounts until transactions close.
The arrangement ensures the money remains protected and available for its designated purpose: The settlement funds are in our trust account.
- settlorTrust's founding party
- fiduciary dutyObligation to act loyally
- fiduciary responsibilityDuty to act loyally
- beneficiaryDesignated asset receiver
- willFaculty of deliberate choice
deposit · probate · conservator · escrow agent · asset protection · financial transparency · legal liability · client · heirship · regulatory oversight · estate executor · inheritance tax · executor · deed · disbursement · safekeeping · estate · holding
- accountschecking, savings, 401k, IRA, Roth IRA
- truststrusts, trustees, beneficiary, grantor, settlor
- bankingbank, banks, ATM, ATMs, accounts
- savingspiggy bank, online savings, savings bonds, savings plan, emergency fund
- billingbilling, bill, invoices, payment, invoicing
- investment accountsIRA, Roth IRA, traditional IRA, 401k, rollover IRA