Trust Money, Dormant Balance & Unclaimed Monies & Account of The Legal Costs - Accounting Assignment Help

Assignment Task -

Trust money is money that is received by an approved clerk on account of the legal costs of one or more barristers in advance of the provision of the legal services to which those costs relate to. It’s a client's money or any money that is held on. Behalf of another person.

Who is authorized to take Trust Money?

People such as the legal practitioner or two or more employees jointly of the law practice may be authorized in the absence of the principal to take the trust money provided they are authorized by the law practice.

1. How are trust accounts examined and investigated?
2.  How should you treat unidentified deposits? 
3. What is a dormant balance? How are they dealt with?

Dormant balances refer to the client, trust ledger balances that remain unchanged for mostly 12 months or more. Dormant balances might happen when errors happen when accounting to clients or it could arise when stale cheques are written back into the ledger. They can be dealt with by correcting the errors by issuing a fresh cheque or payment.

1. What are unclaimed monies? How are they dealt with? 
2. A bank account can become unclaimed when an account is inactive (which means that no money is being deposited or withdrawn) for 7 years or more.
3.  Describe the process of opening a trust account.

There are 3 ways you can apply to open a trust account over the phone, online or in-person at a branch. You might need to visit a branch to provide an ID and you won’t need to verify your identity if you are already an existing customer. But you will need an ID if your opening an account with a new bank. You will also most likely need to provide your birth certificate and another form of acceptable ids like a Medicare card or passport. You will also need to provide your Tax File Number when opening an account.

1.  What are your obligations in opening a trust account?
2.  What are your record-keeping obligations in relation to trust accounts?
3. What is a controlled money account?

Controlled money means money that has been received or held by a law practice in respect of the practice and has given written direction to deposit the money in an account over which the practice has or might have exclusive control.

1. How do you open a controlled money account?
2.  What are the new requirements for recording controlled money? 

If a law practice receives controlled money, it must maintain a register of controlled money for all records of money movements for all of the controlled money accounts. A record of controlled money movements for a controlled money account has to record the following information

• The name of the person on whose behalf of the controlled money is held.

• The person address

• Particulars sufficient to identify the matter

• Any changes that are made to the information referred to in paragraphs.

ETHICS:

What advertising is permitted? 

It is recommended that advertising: (a) should not identify a client or past client of the solicitor if that would breach the duty of confidentiality; (b) should not be disparaging of any other solicitors, class of solicitors or of the legal profession in general; (c) should not compare the practice, standards or skills of the solicitors with those of any other named or identifiable solicitor; (d) should not diminish public confidence in the legal profession or in the administration of justice or otherwise

1.  What advertising is disallowed?
2.  Is cold calling permissible? Why? Why not?
3. Is it ever acceptable to have a personal relationship with a client?

4. What is meant by ‘privilege’?

1. A privilege means a private law or a rule that relates to a specific individual or institution
2. Describe the different forms of privilege?
3. How can privilege be waived?
4.  What limitations are placed on relations with the media?
5. What is a lawyer’s duty when a client confesses to the lawyer but instructs the lawyer to plead not guilty?
6.  What is confidential information? 

Confidential information refers to information or a document that an individual or business wishes to not make public. It can include things that have been acquired by or made available to an individual or any other legal entity in the course of the relationship between the parties.

 What steps should you take to protect confidential information?

A few steps you should take to protect confidential information is proper labeling, limit access, insert a non-disclosure provision in employment agreements, add a confidentiality policy to the employee handbook.

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