To open an account like this, you’ll need to first determine that your bank offers these types of accounts, then gather documents and fill out an application.

An account in trust is a type of financial account opened by one person for the benefit of another.

Leonard’s wife, Kelly-Anne, has been receiving checks in an irrevocable trust for more than 20 years. When she was a teenager, her mother set up the trust, naming Kelly-Anne’s uncle as the ...