trust account

noun
1.
an account of property established with a trust company by a grantor, for distribution during or after the grantor's lifetime.
2.
Also called trustee account. Banking. a savings account over which the depositor, while living, has sole control as trustee, and which upon the death of the depositor becomes payable to the beneficiary.
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World English Dictionary
trust account
 
n
1.  Also called: trustee account a savings account deposited in the name of a trustee who controls it during his lifetime, after which the balance is payable to a prenominated beneficiary
2.  property under the control of a trustee or trustees

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
Instead, suitability to the trust account's purposes and beneficiaries' needs
  is considered the determinant.
Each offender has a non-interest bearing trust account where funds are
  deposited.
What if my client trust account is rarely used and typically has a small
  balance.
The education legacy trust account is created in the state treasury.
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