A trust account is a special type of bank account used to hold funds on behalf of another person or entity. These accounts are often managed by a third party, such as a lawyer or financial institution, to ensure that the money is used for a specific purpose, like paying for legal fees or managing an estate. Trust accounts are designed to protect the interests of the beneficiaries, ensuring that the funds are not misused. They are commonly used in situations involving estates, real estate transactions, or fiduciary responsibilities, where careful management of funds is essential.