Common use of Xxxxxx Trust Account Clause in Contracts

Xxxxxx Trust Account. We may, in our sole discretion, allow you to establish a Xxxxxx Trust account, provided you give us the name and residential address of your account beneficiary and any other documentation we may require in a form satisfactory to us. Generally speaking, a Xxxxxx Trust is an account established by you in your own name as trustee for the benefit of another, and it is a tentative trust, revocable at will. This means that you may withdraw all of the funds in your account for your own use at any time. If your account is established as a Xxxxxx Trust, deposits made to your account will be credited to you as trustee for the benefit of the designated account beneficiary. We may make payments to you during your lifetime (or if there are multiple trustees, we may make payments to any or all trustees). Upon your death (or if there are multiple trustees, on the death of all), all of the funds in the Xxxxxx Trust account will be owned by the living beneficiary. If there are multiple trustees, as between the trustees, your account will be treated as a joint account. You may change the beneficiary of your Xxxxxx Trust account by providing written direction to us in a form satisfactory to us.