trust accounts
Managed beneficiary money
Trust accounts are financial accounts where one party holds money or assets on behalf of another.
An attorney might keep client funds in a trust account separate from their own money.
Banks and fiduciaries use trust accounts to manage inheritances, settlements, or funds for minors until they come of age.
The term emphasizes the legal obligation to safeguard someone else's money: The firm's trust account was audited annually.
- inheritanceProperty received from ancestors
- beneficiaryDesignated asset receiver
- nest eggSaved money for later
- rainy day fundMoney saved for emergencies
- willFaculty of deliberate choice
fiduciary duty · escrow · probate · settlor · investment portfolio · tax compliance · gift tax · audit trail · financial advisor · legal instrument · guardianship · estate executor · confidentiality · power of attorney · equitable treatment · transparency
- law practicelaw firm, law office, legal fees, billing, case files
- tribal economicsgaming revenue, federal funding, federal grants, economic development, financial autonomy
- truststrustees, beneficiary, grantor, trustor, settlor
- bankingbank, banks, ATM, ATMs, deposit
- accountingbookkeeping, ledger, balance sheet, general ledger, auditing
- investmentsbonds, stocks, securities, investment, equities
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