Clients of OFRM often hear the words "on trust" or "trust account" when we refer to money involved in their matter. One of our responsibilities as lawyers is to frequenly hold money on trust until a matter is resolved and money can be distributed to the right people.
Trust monies are common for Conveyancing, Estate and Family Law matters.
There are strict rules in place for the management of trust money and we have many systems in place to ensure they are followed. The trust account's transactions and our practices are audited yearly by RSD Audit and periodically by a Victorian Legal Services Board's external examiner.
With some clients we will ask for trust money up-front to cover the costs of disbursements and our fees. This money sits safely in the trust account until we do the work and invoice you. Any trust money not used will be returned.
When we ask for trust money up-front, on indeed at any time during your matter, we will give you details of where the money should be deposited.
OFRM does not earn any interest from money held on trust.