A trust account at a bank is a financial arrangement in which assets are held by one party, known as the trustee, for the benefit of another party, known as the beneficiary. Here are some key features of a trust account:

• Managed by a trustee: A trust account is managed by a trustee on behalf of a third party. The trustee can be the person opening the account, someone else they designate as a trustee, or a financial institution such as a bank or brokerage firm.

• Types of assets: An account in trust can include cash, stocks, bonds, and other types of assets. Trust accounts can hold a variety of assets, including stocks, bonds, mutual funds, real estate, and other property and investments.

• Beneficiaries: The beneficiary is the person or organization for whom the trust account is established. They can be an individual, a group, or even institutions such as charities or schools.

• Avoiding probate: Account in Trust accounts generally avoid probate, making it easier and faster for the account to be settled.

• Different types of trust accounts: There are different types of trust accounts for different needs, including Totten or Payable on Death (POD) trust accounts, Uniform Gifts to Minors Act (UGMA) accounts, and testamentary trust accounts.

Trust accounts can be used for various purposes, including estate planning, asset management, charitable giving, tax savings, and medical care. They can also be used as security deposits for rental properties or as escrow accounts for real estate transactions.