What we think

What is a Trust account?

by Peter J. Creedon

A trust agreement is a document that spells out the rules you want followed for property held in a trust for your beneficiary(s). Common objectives for trusts are to ensure property passes to beneficiaries you choose, reduce the estate tax liability, protect property, and to avoid probate. The trust entity is the primary account holder and the trust’s tax ID number, name and address is mandatory. Only trustees can be account holders. Trustee Certification is required.