Posted on July 16, 2010.
What is a law firm with money from the trust account if you do not find customers to give it to? I need to distribute our trust account to our customers with 5 + years. The hardest part is that the contact information we have stored in our database are almost all wrong because the client does not keep in touch with the firm. What do we do with all the money in the trust account that we can not distribute because we can not find clients?
they buy a big fat cigar and laughing while lining there pockets.
D'oh - ask a lawyer, Silly.
***
seriously, state law controls this. In most states, after having made reasonable and diligent attempts to locate the person, you must turn the funds over to the State [dormant] and they will subsequently be taken for the benefit of [ beneficiaries or otherwise, as the law directs the State].
You advertise, then turn the money to the state