If a lawyer receives funds from the sale of real property in an estate he/she is probating, where should money be deposited?

Asked over 1 year ago - Pensacola, FL

Is the money required to go into the client trust fund or can it be deposited into the firm's bank account?

Attorney answers (5)

  1. Marian Audrey Lindquist

    Contributor Level 17

    8

    Lawyers agree

    Answered . The funds should be in the Estate account. Alternatively they could be in an attorney's trust account, if there is no estate account. They should not be in the attorney's operating account.

    The contents of this answer should be considered friendly advice, not legal advice and the answer should not be... more
  2. Joseph Franklin Pippen Jr.

    Pro

    Contributor Level 20

    4

    Lawyers agree

    Answered . If the attorney is the PR/Executor-it would be held in the estate account.
    If the attorney is not the PR-then it should be held in escrow account.

    The answer given does not imply that an attorney-client relationship has been established and your best course of... more
  3. Jeramie J. Fortenberry

    Contributor Level 12

    4

    Lawyers agree

    Answered . It should be deposited in the estate bank account under ordinary circumstances. There may be an exception if, for some reason, the judge is not comfortable with that due to creditor issues, minor beneficiaries, or some extenuating circumstance. But the usual rule is to put funds in the estate account.

    Don't take anything written here as legal advice.I am happy to offer my thoughts free of charge, and I would... more
  4. Timothy Edward Kalamaros

    Contributor Level 15

    4

    Lawyers agree

    Answered . Estate funds should go into an estate account maintained by the estate fiduciary, ie Personal Representative.

    But sometimes a lawyer may use a client trust account-- in some states called an IOLTA account-- as a legitimate replacement for an estate account. In general client funds should not be paid into the firm's own bank account; unless of course, the client has intentionally assigned the funds to the law firm for payment of attorney's fees. Even then, most law firms will prefer to run funds through client trust accounts first as a best practice.

    No legal representation exists by virtue of this answer. Consult your attorney. Licensed to practice law in... more
  5. James P. Frederick

    Contributor Level 20

    3

    Lawyers agree

    Answered . If the lawyer is holding the clients' funds, then they belong in a trust account. Why the lawyer is holding these funds and not an estate account is not clear to me.

    James Frederick

    *** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

26,160 answers this week

2,774 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

26,160 answers this week

2,774 attorneys answering