bank account trust
- It's a type of trust in which funds are stored in a bank account that will automatically transfer to a chosen beneficiary upon the account holder's death
- The individual decided to set up a bank account trust to ensure his children receive his savings after his death.
- When the account holder passed away, funds in the bank account trust were transferred directly to the beneficiary.
- Setting up a bank account trust is an effective way to avoid having the account funds go through probate upon death.