Investopedia / Michela Buttignol The term account in trust refers to a financial account opened by an individual and managed by a designated trustee for the benefit of a third party per agreed ...

Sometimes, trusts need a place to put cash. That’s where a trust account comes in. Trust bank accounts hold trust funds and may earn interest, cover expenses or simply store money for the trust.

Then you sign and notarize the trust document and set up a trust account in which the assets are deposited. Learn More: How to Set Up a Trust Fund What does it mean to give someone power of attorney?