Trust Account
/ˈtrʌst əˌkaʊnt/
Definitions
- (n.) A fiduciary account held by an attorney or agent to manage clients' funds separately from personal or business accounts.
The lawyer deposited the settlement money into the trust account to keep it separate from her own funds.
- (n.) A bank account established to hold assets for the benefit of a beneficiary under a trust agreement.
The trustee maintained the trust account to administer the beneficiary's inheritance.
Forms
- trust accounts
Related terms
See also
Commentary
Typically used in legal practice to ensure separation of client funds; proper management is crucial to avoid commingling and ethical violations.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.