1. an account of property established with a trust company by a grantor, for distribution during or after the grantor's lifetime.
2. Also called trustee' account". Banking a savings account over which the depositor, while living, has sole control as trustee, and which upon the death of the depositor becomes payable to the beneficiary.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.