Different trust accounting softwares are available for use, depending on the nature and operations of the entity needing it. A fiduciary accounting software may be used in instances of fiduciary transaction, which involves transferring of legitimate possession of one’s assets to a third party, while preserving the beneficial ownership. Basically, a fiduciary holds and manages the assets of in behalf of the other party, who may be a child who has not reached the age of maturity or a deceased person. Furthermore, it has been made possible by the Internal Revenue Service (IRS) to secure wealth for a minor...