I need to distribute our trust account to our clients of 5+ years ago. The hard part is that the contact info that we have stored in our database are almost all wrong because the client did not stay in contact with the law firm. What do we do with all the money in the trust account that we can't distribute because we can't find the clients?What does a law firm do with the money in the trust account when you can't find the clients to give it to?
they buy a big fat cigar and laugh while lining there pockets.What does a law firm do with the money in the trust account when you can't find the clients to give it to?
D'oh -- ask an attorney, silly.
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seriously, state law controls this. in most states, after you make reasonable and diligent attempts to find the person, you are required to turn the funds over to the state [escheat] and they will thereafter hold them for benefit of the beneficiaries [or otherwise as state law directs].What does a law firm do with the money in the trust account when you can't find the clients to give it to?
You advertise and then turn the money over to the State
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