Common use of Xxxxxx Trust Accounts Clause in Contracts

Xxxxxx Trust Accounts. If you have deposited money in your own name in trust for someone else (a beneficiary), you can withdraw the money or close the account. When you die, the beneficiary or his or her legal representative can withdraw the balance. We will not release any funds, however, until all legal documents have been delivered to us and we have had a reasonable amount of time to examine same. We will allow multiple beneficiaries assigned to these accounts and funds will be disbursed in equal amounts to each beneficiary upon the death of the account owner, or last surviving joint owner if there are multiple account owners.