bank account trust

Definition of "bank account trust"
  1. 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
How to use "bank account trust" in a sentence
  1. The individual decided to set up a bank account trust to ensure his children receive his savings after his death.
  2. When the account holder passed away, funds in the bank account trust were transferred directly to the beneficiary.
  3. Setting up a bank account trust is an effective way to avoid having the account funds go through probate upon death.

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