Brokerage Accounts for Trusts Living Trust Account An account generally opened in the name of the trustor (a person or family), based on a trust that is operative while the trustor is still alive.  Fiduciary Trust Account An account established by a bank or trust organization on behalf of a client participant wherein Schwab acts as the custodian of the assets and the broker of record. Usually IRAs, QRPs, or pension trusts.  Testamentary Trust Account An account created by a last will and testament, opened in the name of a trust.