For the Benefit Of...

If you have children, they may have a savings account which is used for money they get as gifts, and perhaps even a part of their allowance. If you opened the account when they were very small, you probably had to put your name on it because little children cannot handle a bank account. In fact, it may have been opened in a name like "John or Sarah Johnson for the benefit of Jody Johnson." The words "...for the benefit of..." are very important. This means that everything done with that money must be in Jody's best interest. The bank account is like a trust. Every decision that John and/or Sarah make will directly benefit Jody until she is able to manage the trust for herself.