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    Improve Your Financial Knowledge - Part 16

    49. Individual Accounts

    Owned by a singular person, who has authorization for transactions and responsibility for the tax liabilities within the account.

     

    50. Joint Accounts

    Owned by two or more persons * Income earned in the account is taxable to the joint owners

    Authorization of transactions by: Either of owners * Combination of owners * All owners

    Survivorship: Joint Tenancy with Right of Survivorship * Tenancy in Common

     

    51. What is Trust?

    A legal relationship, whereby one party (the trustee) holds property for the benefit of another party (the beneficiary).

    The person who contributes the property to the trust is known as the settlor.

     

    52. Trust Accounts

    Formal trust accounts are established in a Trust Deed, which includes settlor, trustee, beneficiaries, and assets. Trust Deed includes:

    1. Administration the assets

    2. Length of trust

    3. When and how to distribute to beneficiaries

     

    53. Trustee

    Individual(s) or a corporation, who holds the power and authority for the trust.

    Board of trustees

    When the trust has more than one trustee.

    Beneficiaries

    Persons who hold the beneficial interest in the trust property.

     

    54. In-Trust Accounts

    Informal trusts with no trust deed, which are set up at a financial services provider (e.g. mutual fund dealer or investment fund manager) to invest funds on behalf of another person.

    In-trust accounts are frequently used by parents on behalf of minor children.

     

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