BSBLEG403 – Maintain Trust Accounts Certificate IV in Legal Services - Law Assignment Help

Assignment Task:

Task:

Assessment instructions
Table SEQ Table * ARABIC 1 Assessment instructions
Assessment details Instructions
Assessment overview The objective of this assessment is to assess your knowledge as would be to work under supervision researching primary sources of legal information, locating relevant information and writing up a basic summary.
It applies to individuals who provide legal support services while under supervision. Its application in the workplace will be determined by the job role of the individual and the legislation, rules, regulations and codes of practice relevant to different jurisdictions

• Assessment Event number 1 of 2
• Instructions for this assessment This is a project-based assessment and will be assessing you on your ability to demonstrate skills required in the unit.
• This assessment is in 20 parts:
• 20 Scenarios – short answers
• Submission instructions On completion of this assessment, you are required to hand it to your assessor for marking.
• It is important that you keep a copy of all electronic and hardcopy assessments submitted to TAFE and complete the assessment declaration when submitting the assessment.
• What do I need to do to achieve a satisfactory result? To achieve a satisfactory result for this assessment all questions must be answered correctly.
• What do I need to provide? USB, pen and notebook
• What the assessor will provide? Computer, Learner Guide; access to the student network drive
• Due date/time allowed/venue As per the Delivery and Assessment Schedule
• Assessment feedback, review or appeals In accordance with the TAFE NSW policy Manage Assessment Appeals, all students have the right to appeal an assessment decision in relation to how the assessment was conducted and the outcome of the assessment. Appeals must be lodged within 14 working days of the formal notification of the result of the assessment.
• If you would like to request a review of your results or if you have any concerns about your results, contact your Teacher or Head Teacher. If they are unavailable, contact the Student Administration Officer.
• Contact your Head Teacher for the assessment appeals procedures at your college/campus.
•  
• Part 1: Questions
• Answer each of the following four (4) questions in detail.
• Each question should require at least 500 words to adequately answer fully
• Scenario 1
• YLF operates a TAC made up of five clients each with the following credit balances in their TAC ledgers:
• $
• A 10,000
• B 5,500
• C 500
• D 14,000
• E 9,750
• Q 1What is the general TAC balance?
• Imagine YLF drew a trust cheque in E’s matter for $ 9,850.
• Q 2What is the relevant TAC rule that applies here?
• LEGAL PROFESSION UNIFORM LAW (NSW) - SECTION 148
• As the money does not belong to the firm but belongs to the client an account can never run into a debit. If it does it must be rectified immediately. The firm will advise the proper management of funds.
• Q 3Can YLF assert there has been no breach of TAC rules because it still holds $29,900 in the general TAC?
• No, each amount belongs to the Individual so it can not be counted as a total for the firm.
• Q 4Within what time must YLF correct E’s TAC balance, state the TAC rule?
• By the 15th of each month
• Scenario 2
• On 3 August XX, Z paid $2,000 on account of costs and disbursements, on 6 August XX your supervising solicitor requested you to prepare a trust cheque in Z’s matter for $750 in favour of Dr Jones.
• Q 1 What must you ensure before drawing this cheque?

Check the balance of the TAC and clear the funds before drawing the cheque
Record the money spent in the clients ledger

Q 2.LIST the TAC records used by YLF to deposit Z’s $2,000, in the TAC:
Complete a deposit slip and present it to the bank to be stamped and initialled to confirm the funds are in the trust account
Issue a receipt, showing both the date the receipt is made out and, if different, the date on which the funds were credited to the account
Enter the information in the cash book and post it to the individual ledger account recording both the date the receipt was made out and, if different, the date on which the funds were credited to the account
Update the client ledger
Q 3LIST the TAC records which YLF must complete before paying Dr Jones (scenario 2):
Send request of payment to client
Note details on cheque
Update the debit column in the clients ledger
Scenario 3
Imagine Charles Leighton requested you to draw two TAC cheques on behalf of client Z (scenario 2)
M/s Knowall, barrister, $1,500
Dr Jones $750
Q 1What advice do you give to Mr Leighton in this instance, students must refer to the relevant TAC rule(s)
First we must confirm the balance of the clients ledger and clear the amount.
Treat each cheque as a separate transaction, they need to record each cheque separately in the ledger.
The client needs to be notified of the intention of withdrawal and approve the two payments.
Scenario 4 (a)
YLF requested a client to provide a bank cheque payable to the Office of State Revenue (OSR) for stamp duty in the sum of $40,490. The client attended YLF with a personal cheque for the amount requested payable to YLF. Professional Indemnity Insurance premiums were due to be paid to LawCover at that time, the client’s cheque was deposited into the general office account.
Q 1Advise YLF regarding this matter referring to the relevant TAC rule(s)
The money must be received in anticipation of the disbursement. The money must be deposited into the general trust account.
Scenario 4 (b)
Imagine the principals of YLF decided to transfer the $40,490 from OAC to TAC in order to pay the stamp duty.
Q 1 List the OAC records YLF must complete to begin to transfer the money into the TAC
Q 2List the TAC records YLF must use to deposit the $40,490 into TAC (scenario 4(b)
Q 3 List the TAC records YLF must use to pay the $40,490 to OSR
Scenario 5
Client Scrooge instructed YLF to act on her behalf regarding: the sale of her house and a debt matter in the District Court. Mr Leighton instructed you to place both matters on the same trust ledger for her sale of the home.
Q 1What is your advice to Mr Leighton, students must refer to the relevant TAC rule?
By putting both matters into one trust account you will be able to save on costs. However Trust money can only be dispersed with the direction of the client.
Scenario 6
Imagine your client’s TAC for her family law matter is $2,000, in credit, the client instructed you to pay her brother $900 from her trust funds, she wanted the cheque to be payable to CASH to help her brother pay some debts.
Q 1What is your advice to the client, students must refer to the relevant TAC rule?
You can not make the cheque out to cash. All cheques must have the following:
The cheque must me made out to a specified person
The name of the law practice or business name is on the cheque
The cheque must be signed by authorised personnel

Scenario 7
Imagine in your capacity as a lay associate you noticed some irregularities in the way the TAC was operated by YLF.
Q 1Are you obliged to report these irregularities, if so refer to the relevant TAC rule?
Yes. Per The legal profession act, If you ever notice irregularities you must report the irregularity in writing to the board and or corresponding authority.
Q 2 Give two examples of irregularities referred to in 6
The request for the cheque to be made in cash
Scenario 8
YLF acts for Al Capone, in a criminal matter, the client instructs that he is sometimes known by other names such as Snakes and Bruiser. When the client gave you $10,000, on account costs and disbursements, he instructed you to open YLF records under the name of Snakes.
Q 1What is your advice to the client, students must refer to the relevant TAC rule?
As long as the law practice ensures that the trust records record all names by which the person is known upon the initial creation of the account. Aliases should be kept at a minimum. All known alias of the clients details in the relevant trust account ledger or record for trust money.
Scenario 9
In another matter client H was requested by YLF to provide funds to pay M/s Goodall, barrister, $5,000 and Holt surveyors $350. The client gave YLF his personal cheque in favour of M/s Goodall $5,000, and $350 cash for the surveyor
Q 1What type of trust money is referred to in this scenario and identify the relevant TAC rule which deals with such money?
Q 2Describe the TAC records which YLF can use regarding the $5,000, cheque
Q 3List the TAC records YLF must complete regarding the $350 cash

Scenario 10
P paid $100,000, deposit on her purchase of a property from your vendor client V, the parties agreed on a delayed settlement of six months as they wanted to invest the deposit.
Q 1What advice do you give regarding the client’s instructions, students must refer to the relevant TAC rule(s)
Q 2State EXACTLY in whose name must the account be opened which students have referred to in Q 1.
Q 3What must YLF obtain from your client before complying with the client’s instructions, students must refer to the relevant TAC rule?
Scenario 11
Imagine client Q has two matters: Family Law matter TAC ledger 98 with $20,000 balance and a purchase from V, TAC ledger 66 has a NIL balance. YLF has requested Q to pay $14,500, stamp duty on her purchase. Q instructed YLF, as she does not have spare funds to pay the stamp duty, to take the money from her Family Law matter TL 98.
Q 1What must YLF obtain from Z before acting on her instructions?
Q 2List all the TAC records which YLF must complete in order to pay the stamp duty from TL 66

Scenario 12
Client K appointed Charles Leighton as her attorney pursuant to a power of attorney, to look after her finances during her absence overseas from 1/1/20 to 30/8/20. YLF drew a TAC cheque on behalf of the client, during this period, after receiving a tax assessment for $20,000, form the ATO.
Q 1What name is given to the trust money in this instance, refer to the relevant TAC rule?
Scenario 13
Imagine the payment in scenario 11 was made following orders from the Family Court.
Q 1What name is given to the trust money in that instance, refer to the relevant TAC rule?
Scenario 14
Imagine you are one of two lay associates employed by YLF, Dagwood is an employed solicitor, he holds a restricted practising certificate. The principal solicitor Charles Leighton will be overseas for three months, he shares work with a firm of solicitors across the road Smith solicitors.
Mr Leighton has requested you to research the TAC rules to advise who can sign TAC cheques during his absence.
Q 1List the persons who can sign TAC cheques in the absence of the principal solicitor, students must refer to the relevant TAC rule(s) AND identify the person(s) named in this scenario to which EACH rule or sub section applies.
Scenario 15
YLF holds $18,000 in TAC for Scrooge, after performing professional services for the client, YLF rendered it’s interim bill for costs and disbursements for $ 13,500:
Q 1 Carefully explain the TAC rule(s) which apply in this case, explain the steps YLF must follow to receive payment, students must refer to all relevant time provisions stated in the rule.
Q 2How long must YLF wait before transferring these costs to OAC if the client complains about the bill and what must YLF wait for?
Q 3Assume a costs assessor contacts YLF but does nothing else regarding the bill, how long must YLF wait before transferring the money over from TAC to OAC?
Scenario 16
Imagine it is the 31/9/xx name the EOM procedures YLF must perform and state the latest time within which these procedures must be executed, name the applicable TAC rule(s)
Scenario 17
Imagine your trust bank issued a TAC statement on 1/10/xx the trust bank balance was $16,480. YLF’s cash book balance was $15,990.
Q 1What is the difference between these two items, what is another name for this difference?
Q 2Name the EOM procedure you are attempting to perform in this instance
Q 3Carefully describe what you should look for to achieve a balance between the trust bank balance and the cash book balance
Scenario 18
Your investigation revealed a TAC cheque $290 had been drawn on 31/9, it did not appear on the trust bank statement; a $200 EFT showed on the trust bank statement, it was not recorded in the TAC records.
Q 1Carefully explain how YLF should deal with each item above in scenario 18 in order to properly execute the EOM procedure you have nominated in scenario 17, Q 2 above, students must do the correct maths for each item.
Scenario 19
Imagine that YLF properly executed the first of two EOM procedures, when attempting the second EOM, the reconciled cash book balance $16,190 was different to the total trust ledger balance $16,000.
Q 1 Name the second EOM which YLF must execute in scenario 19 above
Q 2 Carefully explain what YLF must look for in order to properly execute the EOM procedure required in this scenario
Scenario 20
Imagine Scrooge in scenario 15 requested a TAC statement from YLF well before the matter was due to complete.
Q 1Mr Leighton requested you to research the TAC rules to advise when a law practice is required to provide TAC statements to clients, do the research and state the relevant TAC rule(s)
Q 2 Explain what information is contained in a TAC statement
 

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