my lawyer has a trust account of my mothers estate and is holding it.not wanting to dispense it.
2006-06-13 10:13:50 · 5 answers · asked by queen gypsy 1 in Education & Reference ➔ Teaching
Is it a trust account or an estate account?These may be two sperate entity's.If it is an estate account which has gone through probate,Your lawyer cannot disperse funds until the court give's it's o.k.While a trust is a private document and should be distributed asap.In either case your attorney will profit on the total amount of property and funds,This is pre determined set by each state's legislation.California provides for 4% of the first $100,000,3% for the next$100,000 and so on.So if the total of the estate was $500,000 your lawyer would recieve $11,000.Also any monies held in trust or estate account's should be accruing interest.Hope this helps.
2006-06-13 10:30:54 · answer #1 · answered by grandeweso1 2 · 0⤊ 0⤋
In many states, the interest belongs to the client and should be paid over to the client (along with the principal amount). In some states, legislatures have enacted laws that require lawyers to pay over interest earned on trust funds to the state bar - such money to be used to fund legal services for indigents. I don't think any state condones the lawyer's keeping the interest - but you need to check with your local bar association to find out. I recommend that you immediately inform the lawyer that you want the money NOW - RIGHT NOW. If he can't give you a good reason why that can't be done, contact the state bar and talk to someone who deals with the ethical obligations of attorneys. They should be able to tell you what steps to take.
2006-06-13 17:21:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No, any interest would be put directly back into the account, not in the attorney's pocket. There would have to be another reason for not wanting to disburse the monies. You have a right to know what that reason is if you are supposed to a recipient of any part of the estate.
2006-06-13 17:17:28 · answer #3 · answered by PuterPrsn 6 · 0⤊ 0⤋
I don't believe they can legally, as mortgage companies can't acrue interest on tax and insurance escrow accounts. However upon further research the interest is debited and credited and is a wash. The interest is in fact used to pay for the atty's fees.
2006-06-13 17:21:42 · answer #4 · answered by kariharte 1 · 0⤊ 0⤋
lawyers will do anything for a buck , so i say yes
2006-06-13 17:17:48 · answer #5 · answered by don 6 · 0⤊ 0⤋