Attorney trust account services can provide valuable support for managing the administrative tasks of your trust. When you create a trust, you place significant faith in a trustee to make the right financial decisions for your trust and the beneficiary. Attorney trust account services can provide an additional layer of protection by creating accountability and oversight.
Account Reconciliations
Our team can provide account reconciliation services. This service includes verifying and validating deposits and expenses. We ensure accuracy by identifying and resolving discrepancies in the accounting. By correcting these errors as soon as possible, we limit potential larger negative consequences.
Account reconciliation includes reviewing posted expenses to ensure validity and accuracy. This includes reviewing who the creditor is and the service being charged.
Audit and Grievance Assistance
Periodic audits ensure that nothing gets missed. There could also be regulatory audits by a governing body that validate regulatory compliance. Having attorney trust account services can give you peace of mind. Your service provider can perform their own audit and make any necessary corrections before the regulatory audit.
If there is a grievance, administrative account services can assist. As an outside third party, it can provide a unique insight that delves deeper and provides a comprehensive view of the entire situation.
Record Retention Backup
Accurate and detailed record-keeping is necessary to ensure proper management of a trust account. Additionally, regulations may require the storage of a trust’s documents in a specific manner and for a specified period of time. Account service ensures that these regulations are followed. This could include document storage of physical papers. It can also include the digital storage of documents. Cloud document storage services could give you access to your trust documents from anywhere. This makes it more convenient to access your documents.
Defense Against Claimants
A trust is a legal entity, which means it could face legal claims from individuals or other entities. When this happens, your trust will need legal representation. Your trust account services can include representation of the trust in legal matters. This could include communication, negotiation, or court representation.
Regular Reporting
Your trust account services can deliver regular reporting about the status of the trust. This typically includes an accounting statement. That way, all parties involved know the trust’s status at any given time. With this knowledge you can have confidence that the trust is being managed correctly. You can also make better decisions about the management of the trust for future financial security.
Fiduciary Responsibility
A fiduciary responsibility is a legal obligation to act in the best interest of the client. The word fiduciary is another word for trust. Your trust account service provider has a fiduciary duty to act in your, the client’s, best interest. To act in your best interest, they will have undivided loyalty, practice due diligence, and have full disclosure about any conflicts of interest.
Protect Your Assets With Trust Account Services
Employing trust account services protects everyone involved. The trustee can guard against liability by having an independent third party validate the accounting. The beneficiary benefits by having an additional party looking out for their best interest. The result is a trust account that is responsibly managed.
Principal Law Firm’s team of knowledgeable lawyers upholds the highest standard of ethics and professionalism. We protect our clients’ best interests by providing detailed and diligent trust account services. Our oversight ensures that your trust is handled professionally, helping you achieve greater security.
Schedule a consultation today with our experienced attorneys to discuss how our team can provide trust account services.
