How do I set up a separate trust account for the funds of an individual client?
A separate interest bearing trust account should be established when the amount of client funds and the time the funds are expected to be held will generate sufficient interest to exceed the service charges and administrative expense associated with setting up a separate account. Some banks will allow you to set up the trust in your clients name and your clients tax ID number, with your law firm as the only signatory. Some banks will not permit firms to establish separate accounts using a client’s tax ID number. In these situations, the account should be established as Trust Account for
Related Questions
- May a lawyer continue to invest individual client funds into separate interest- bearing accounts for the benefit of clients?
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- How do I set up a separate trust account for the funds of an individual client?
