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What does 'in trust' mean?

Opening an account in trust means that the account is held on behalf of a trust rather than a business or individual.

What is a trust?

A trust is a relationship which exists where the trustee holds property or assets for the benefit of the beneficiary. The trustee can be an individual, group of individuals or a company. There can be more than one trustee and there can be more than one beneficiary.

This option applies to the following standard trusts:

  • Family trusts
  • Unit trusts
  • Testamentary trusts
  • Discretionary trusts.

Statutory trusts

Legislation in some states and territories require that a statutory trust must be held for certain professions. Westpac provides specialist accounts for:

  • Conveyancers
  • Solicitors
  • Real estate agents
  • Motor dealers.

If you wish to open a Statutory trust, please select the “Statutory trust” check-box located in the lower section of this page

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