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Understanding trust fund transfers is a key practice that demonstrates your firm/organization’s commitment to trust obligations and safeguarding client funds. Responsible Lawyers must comply with Rule 119.33 of the Rules of the Law Society of Alberta to meet their obligations related to trust fund transfers.
When conducting client trust fund transfers:
- always obtain clear client direction;
- support transfers with a signed and dated transfer document;
- include the amount, approval date, transfer date, source file and destination file; and,
- maintain the transfer document with the client file.
Use the Matter-to-Matter Trust Transfers template on our website to track this information, or build an internal document that works for you, ensuring it captures all required information.
Monthly review of the transfer journal as part of the bank reconciliation process is also essential. This practice safeguards the validity and accuracy of all matter-to-matter transfers. Steps include:
- reviewing transfer documents diligently to make sure they meet client instructions;
- verifying the accuracy of recorded details, including source and destination files, amounts, and dates; and,
- ensuring consistency between the client trust ledger and the transfer document.
If you have any questions regarding trust fund transfers, contact the Law Society’s Trust Safety team by email or phone at 403.228.5632.
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