Individual trust account definition

Individual trust account means the account that holds assets for the benefit of an individual beneficiary within the trust fund.
Individual trust account. An account established and maintained by the Trustee under the terms of the BIAWA Pooled Third Party Special Needs Trust Agreement for an individual Beneficiary. The Individual Trust Account shall reflect: • The initial value of assets contributed to this Trust. • Any additional contributions of assets to this Trust. • The Individual Trust Account’s proportionate share of the Trust’s earnings and appreciation. • The Individual Trust Account’s proportionate share of the Trust’s taxes, expenses, depreciation, investment losses, and the fees set forth in the Joinder Agreement. • Any distribution from this Trust for the Beneficiary.
Individual trust account. An account established and maintained by the Trustee under the terms of the XXXXX Xxxxxx Third Party Special Needs Trust Agreement for an individual Beneficiary. The Individual Trust Account shall reflect: • The initial value of assets contributed to this Trust. • Any additional contributions of assets to this Trust. • The Individual Trust Account’s proportionate share of the Trust’s earnings and appreciation. • The Individual Trust Account’s proportionate share of the Trust’s taxes, expenses, depreciation, investment losses, and the fees set forth in the Joinder Agreement. • Any distribution from this Trust for the Beneficiary.

Examples of Individual trust account in a sentence

  • The Account Founder acknowledges and agrees that entities representing the Trustee may recover their reasonable costs and expenses associated with locating such beneficiaries from the Individual Trust Account prior to disbursement pursuant to the provisions above.

  • The Trustee is authorized to charge any and all fees set forth on Schedule A to the Beneficiary’s Individual Trust Account.

  • The Trustee’s Fee Schedule may be amended from time to time, from the Individual Trust Account.

  • The Account Founder may choose to have some or all of the funds remaining in the Beneficiary’s Individual Trust Account be retained by the Trustee and held in the BIAWA Pooled Third Party Special Needs Trust for the benefit of other beneficiaries.

  • When the Beneficiary dies and if anything remains in the Individual Trust Account after the optional percentages chosen above to be retained by the Trustee for the benefit of other XXXXX Xxxxxx Third Party Special Needs Trust beneficiaries or to be given to the BIAWA general operating account as a charitable donation, the Trust provides that the Account Founder may direct how the funds are to be distributed.

  • Beneficiary: A person for whom an Individual Trust Account is established under the XXXXX Xxxxxx Third Party Special Needs Trust.

  • Neither the Beneficiary, the Account Founder, nor any Donor has a right to terminate or revoke an Individual Trust Account in the BIAWA Pooled Third Party Special Needs Trust during the Beneficiary’s lifetime.

  • A third party, including the Account Founder, who is not a Beneficiary, and who contributes his, her, or its own assets to an Individual Trust Account, whether such contribution is by gift, will, beneficiary designation, contract, or agreement.

  • If no remainder beneficiary named in this Joinder Agreement survives the Beneficiary or can be identified with reasonable efforts within a reasonable period of time following the death of the Beneficiary, then all of the funds remaining in the Beneficiary’s Individual Trust Account will pass as a charitable donation to the BIAWA.

  • Account Founder: The individual or entity that executes the Joinder Agreement for the purposes of establishing an Individual Trust Account for a Beneficiary and provides the funds for the initial funding of the Individual Trust Account.


More Definitions of Individual trust account

Individual trust account. An account established and maintained by the Trustee under the terms of this Trust Agreement for an individual Beneficiary. The Individual Trust Account shall reflect: • The initial value of the Beneficiary’s assets contributed to this Trust. • Any additional contributions of the Beneficiary’s assets to this Trust. • The Individual Trust Account’s proportionate share of the Trust’s earnings and appreciation. • The Individual Trust Account’s proportionate share of the Trust’s taxes, expenses, depreciation, investment losses, and the fees set forth in the Joinder Agreement. • Any distribution from this Trust for the Beneficiary.
Individual trust account means accounts established within the endowment trust fund for each individual named beneficiary for the benefit of whom contributions have been made to the fund. The money in each of the individual accounts is held in trust as provided for in subsection
Individual trust account means a trust account administered for the benefit of an individual offender in a correctional facility.
Individual trust account means accounts
Individual trust account means accounts established within
Individual trust account means accounts established within the endowment trust fund for each individual named beneficiary for the benefit of whom contributions have been made to the fund. The money in each of the individual accounts is held in trust as provided for in subsection (2) of this section, and shall not be considered state funds or revenues of the state. The governing board serves as administrator, manager, and recordkeeper for the individual trust accounts for the benefit of the individual beneficiaries. The policies governing the disbursements, and the qualifying services for the trust accounts, shall be established by the governing board. Individual trust accounts are separate accounts within the developmental disabilities endowment trust fund, and are invested for the beneficiaries through the endowment trust fund. [2000 c 120 § 2. Formerly RCW 43.70.730, 43.330.195.]

Related to Individual trust account

  • the Trust Fund means the Bond(s) referred to in the First Schedule to the Declaration of Trust and the property from time to time representing the same (and also includes any other property which may become Trust Property as a result of any loan to the Trustees or any addition by way of gift or any accumulation of income).

  • Trust Account means the trust account established by the Company upon the consummation of its IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of warrants simultaneously with the closing date of the IPO, will be deposited.

  • Trust Accounts has the meaning assigned thereto in Section 5.1.

  • Grantor Trust means a Trust other than a RIC.

  • Trust Assets means, with respect to the Appointments and to the extent held, deposited or invested by any Seller for the benefit of others (whether or not constituting all or a portion of the corpus of any trust) as collateral, trust assets or otherwise by the applicable Corporate Trust Contracts or any other applicable legal obligation, (a) all cash on hand or held in bank accounts (including the Deposits) or in money market funds, and (b) all shares, stock, bonds, debentures, notes, mortgages, guarantees, letters of credit, certificates of indebtedness, warrants, treasuries or other securities or financial instruments or property of any type or description.

  • Liquidation Trust Agreement means the Liquidation Trust Agreement to be dated as of the Effective Date establishing the terms and conditions of the Liquidation Trust, substantially in the form attached hereto as Exhibit B.

  • Income trust means a trust that is not a unitrust.

  • Trust Funds means, in the aggregate, all of the Funds and Accounts.

  • the Eileen Trust means the charitable trust of that name established on 29th March 1993 out of funds provided by the Secretary of State for the benefit of persons eligible for payment in accordance with its provisions;

  • Liquidation Trust means the trust created pursuant to the Liquidation Trust Agreement on the Effective Date in accordance with the Plan, the Confirmation Order and the Liquidation Trust Agreement.