Thread Starter: Anonymous
Title: Re: In Trust For?
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It sounds like John Doe is the attorney for the Estate, not acting as a Personal Representative/Executor. I agree with 1 Peter, the funds should be held under some lawyer trust agreement. Given the size, it would seem reasonable to keep them in a seperate account from his IOLTA so the beneficiaries of the estate can receive the interest. I have dealt with this kind of arrangement for other entities, but not specifically with an Estate. I would confirm such an arrangement is allowed in your state. Your lcoal Bar association may be of some help.
If it is, he's probably entered into some kind of agreement with the estate, and should be able to provide you with proof along those lines like an engagement letter or even a trust agreement. We would then title such an account "John Doe, Lawyer's Trust Account FBO {Client's name} We report it under the Client's TIN, and have the client certify the TIN.
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