At PWD LEGAL, we only provide our Company Trust Account for our Clients ONLY!
By Message ONLY!
What is a Trust Account?
A trust account is a specially regulated bank account used by law firms and conveyancing practices to securely hold money on behalf of clients during a transaction or legal matter.
Funds held in a trust account remain the property of the client until they are properly disbursed in accordance with the client’s instructions, contractual obligations, or legal requirements.
Trust accounts are strictly regulated under Australian law to ensure transparency, accountability, and protection of client funds.
How Client Funds Are Protected
We are committed to maintaining the highest standards of trust accounting and compliance. Client funds held in trust are:
- Kept separate from office operating funds
- Recorded and monitored carefully
- Subject to strict accounting procedures
- Audited in accordance with legal and regulatory requirements
Funds can only be released in accordance with authorised instructions and the relevant legal transaction.
Trust Account Receipts & Records
Clients may receive:
- Trust account receipts for deposited funds
- Settlement statements
- Trust account records relating to their transaction
These records help ensure transparency throughout the transaction process.
Trust Account Interest
Because of the nature of certain legal work carried out for their clients, lawyers often hold money belonging to those clients on trust – for example, a lawyer may hold the purchase price of a home a client is buying or a client may leave trust account funds with a lawyer to pay all the disbursements within the case (for example medical reports, lodging document fees). Sometimes lawyers insist on money being paid into trust in advance before they are prepared to act in particular matters. In all these cases the funds are kept in a trust account – a separate account maintained by the lawyer and subject to extensive control and regulation under the Legal Practitioners Act 1981 (SA).
Trust accounts do not earn interest for the lawyer or the client.
