Definition:

Account in trust is an account which is govern by a guardian for the benefit of the minor and the relationship of trust between these two parties can be implied or explicit.

Explanation:

Particularly, account in trust is established for the minor and when the minor get matured then all the rights of the account or ownership is transferred to him. The person who manage the account in trust is said to be” legal guardian or Fiduciary” and the person from which the property belongs or who is the ultimate owner of the property is said to be “Beneficiary”. For example the UTMA accounts (Uniform transfer to minor accounts) is generally managed by adults for minors .