Opening an account in trust means that the account is held on behalf of a trust rather than a business or individual.
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:
Legislation in some states and territories require that a statutory trust must be held for certain professions. Westpac provides specialist accounts for:
If you wish to open a Statutory trust, please select the “Statutory trust” check-box located in the lower section of this page