This form is a sample letter in Word format covering the subject matter of the title of the form.
State Bar Of California Handbook On Client Trust Accounting In Queens
Category:
State:
Multi-State
County:
Queens
Control #:
US-0001LTR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
Trustees must maintain separate accounts for each trust, with each client's funds handled individually. Detailed Record-Keeping: Every financial transaction involving the trust must be meticulously recorded. This includes deposits, disbursements, interest income, investment gains, and expenses.
Per California probate code section 16063, an accounting should include the following information for the last fiscal year of the trust or the time since a trustee last prepared and provided an accounting: A statement of all receipts and disbursements of principal and income. A statement of assets and liabilities.
Rule 4.1 Truthfulness in Statements to Others (b) fail to disclose a material fact to a third person when disclosure is necessary to avoid assisting a criminal or fraudulent act by a client, unless disclosure is prohibited by Business and Professions Code section 6068, subdivision (e)(1) or rule 1.6.
California law requires attorneys who handle client funds or funds entrusted by others to hold them in one or more interest-bearing bank accounts labeled as a "Trust Account," or words of similar import.
California law requires attorneys who handle client funds or funds entrusted by others to hold them in one or more interest-bearing bank accounts labeled as a "Trust Account," or words of similar import.
You must keep a written record showing that every month you completed a three-way reconciliation where you “reconciled” or balanced the account journal against the individual ledgers and the bank statement with canceled checks. You must perform this three-way reconciliation for each client trust account you keep.
Contact Center To speak with a representative, please call 800-843-9053 if you are in California. If you are calling from out-of-state, please call 415-538-2000.
