TRUSTEE ACCOUNT

Pronunciation (US):

(GB):

 I. (noun) 

Sense 1

Meaning:

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

Synonyms:

savings account trust; savings bank trust; Totten trust; trust account; trustee account

Classified under:

Nouns denoting possession and transfer of possession

Hypernyms ("trustee account" is a kind of...):

trust (something (as property) held by one party (the trustee) for the benefit of another (the beneficiary))

Credits