Special Accounts

Temporary accounts opened by an executor or administrator during the probate process to manage a deceased person’s financial affairs, which may include settling debts, paying taxes, and making distributions to beneficiaries.  

A legal arrangement where a trustee manages assets on behalf of a beneficiary according to the wishes of the party who creates the account, providing potential benefits like asset protection and certain tax advantages.  

An account managed by a court-appointed guardian on behalf of a minor, incapacitated adult, or another individual who is unable to handle their own finances and needs help paying for housing, medical care, and living expenses. 

For individuals who are unable to handle their own finances, the Social Security Administration appoints payees who use these accounts to manage Social Security or SSI benefit payments to address essential needs like housing, food, and medical care.