• Trust accounts are managed by a trustee on behalf of a third party.

  • Parents often open trust accounts for minor children.
  • A trust account may include cash, stocks, bonds and other types of assets.
  • Totten or Payable on Death (POD) trust accounts allow beneficiaries to claim account assets after the death of the account holder.
  • Accounts in trust accounts usually avoid probate, making it easier and faster to settle the account.