• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Escrow Accounts during Probate period

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

NewYorkMinute

Junior Member
What is the name of your state?
New York

My father recently passed away, and before he left us, he had some of his income regularly put into his lawyers escrow account, as that lawyer was managing my father's business. After my father's death we had some of my dad's bank account funds put into this escrow account. As Executor of my father's estate, I asked the lawyer for an account statement of this escrow account. He explained that the account includes funds from other client's as well, so it would not be reasonable to see the statement, but he would eventually provide an accounting of those funds. I also signed a letter allowing the Lawyer to pay bills arising from estate expenses, for example, property taxes.

Is it true that other client funds (of the lawyer) are usually "comingled" in an Escrow Account?

Does signing the letter, allowing the Lawyer to pay bills, yield any risks that I should be aware of?

Thank you, in advance, for any advice you could provide.
 


tranquility

Senior Member
Yes. An attorney cannot mingle his funds with those in trust in an escrow account, but he can mingle funds from different clients.

You probably gave some type of POA. No special risk beyond giving another the ability to spend the escrow money.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top