Nor is the depositary required to withhold any part of the distribution that would be used to cover taxes due on income. If the account holder died, the custodian could be responsible for liquidating the funds in the account and then be held responsible for distributing the assets to the beneficiaries according to the parameters of the deceased`s estate. Deposit agreements are used for a large number of benefit programs such as LSIs and health savings accounts. As a rule, the agreement describes the payment by the person that is paid to the custodian bank, which, in turn, ensures that the funds are held with a bank or other financial institution. Depending on the nature of the account, the custodian bank may not be held liable if the worker`s employer does not provide the necessary resources for the service. For example, if a company does not contribute to a retirement plan, any losses are not the responsibility of the custodian bank. The advantage of this agreement is that the economic beneficiary receives professional advice, which saves time and often lower costs than the money would otherwise be managed by each owner. . . .