When someone's name is on an account, it means they own the money in the account and have access to the account. When someone's name is on the account as beneficiary or "in trust for", it means they have future ownership of the funds in the case that the owner dies. Until that happens, the beneficiary has no ownership or access to the funds or information about the account. Sometimes, the trustee doesn't even know they are on the account as beneficiary.
Example:
"John Smith as trustee for Timmy Smith" or "John Smith in trust for Timmy Smith"
John is owner, and has access. He is also known as "Trustee"
Timmy is beneficiary, has no ownership or access until death of John Smith
hope that helps
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The trustee or owner of the money doesn't necessarily have to die for the beneficiary to gain access to the funds. Sometimes it is the Trustee's duty to release a little money at a time, over time. The point being the Trustee is in a position of trust having a "fiduciary duty" to the beneficiary, in this example the duty of releasing the money according to the owners wishes. The Trustee administrates the Trust, and might not be a beneficiary at all. The beneficiary has ownership under the law "in equity." The Trustee has ownership in common law until his fiduciary duties have been discharged. That said, Trust Law is a very unsettled branch of the law.
The minimum deposit required in order to open a savings account with Sun Trust in one hundred dollars and with this you can start your own savings account with Sun Trust.
Yes a savings account trust can have an age when a beneficiary is entitled to it. For example, some people maybe entitled to it at age 18. It is best to contact the bank of the savings account to inquire.
8622625586 this is not his number is someone elses trust me i no
A bank account, savings account, or family trust fund are a few options, it depends what you mean when you say 'in'.
When you use someone elses, it doesn't work. So DONT TRY IT! TRUST ME!!
traditional savings its the right one trust me
The only country currently offering a government child trust fund is the United Kingdom. The child trust fund is a long term savings or investment account for children.
There are many places where someone can find a savings plan for their money. Example of some places include TD Canada Trust, CIBC, BMO, PC Financial and RBC.
You can use a search engine to locate a reputable Internet bank that will give you an online savings account. However I suggest using a bank like BB&T (Branch Banking & Trust) to setup your online savings account, they are a solid bank offering good service. You can find them at: bbt.com
A child trust fund is a kind of long term savings or investment account in the UK. It was designed by the UK government to both teach children the value of saving and try to get each child to have some savings when they reach age 18.
You cant unless you have someone you trust to transfer it to that account Hope this was useful
Absolutely not. The minor's inheritance should be placed in an interest bearing savings account in trust for the child.