What is account in trust?

An account in trust, also known as a trust or ITF – “in trust for” – account, is a bank account that is registered by an individual but that is managed and monitored by a trustee, all to benefit a third party – the beneficiary.

What is an in-trust account?

In-trust (also referred to as ITF or “in-trust for” accounts) are savings or investment accounts opened by an individual for the benefit of another person (often a minor child). These are often known as informal trusts because there is no deed of trust in place.

What are the different types of trust accounts in Australia?

There are many types of trust accounts, each of which has specific procedures, regulations and tax rules. Some of the most common types of trusts in Australia include living trusts, charitable remainder trusts, irrevocable trusts, special needs trusts, testamentary trusts, and revovable trusts.

Who can set up a trust account?

The truth is, anyone can set up a trust account, and it can be for a variety of reasons; both personal and business. If you need to set up a trust or would like to find out more about trusts accounts and whether you might need one, then you’ve landed on the right page. Continue reading as I explain what a trust account is and how they work.