what is an account in trust 
an account in trust or trust account refers to any type of financial account that is opened by an individual and managed by a designated trustee for the benefit of a third party per agreed upon terms for example a parent can open a bank account for the benefit of their minor child and stipulate rules as to when the minor can access the funds or assets in the account as well as any income they generate in most cases the trustee who manages the funds and assets in the account acts as a fiduciary meaning the trustee has a legal responsibility to manage the account prudently and manage assets in the best interests of the beneficiary 