Is the money required to go into the client trust fund or can it be deposited into the firm's bank account?
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.
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3 lawyers agree
Estate Planning Attorney
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 action is to have legal representation in this matter.
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.
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8 lawyers agree
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.
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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.
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