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  • Money in trust

    i currently have the proceeds on the sale of the home sitting in trust, do these funds accrue interest while in trust?

  • #2
    Originally posted by onlybeginning View Post
    i currently have the proceeds on the sale of the home sitting in trust, do these funds accrue interest while in trust?
    Call your lawyer to confirm.

    But generally yes, the funds should be held in an interest baring trust account.

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    • #3
      Originally posted by onlybeginning View Post
      i currently have the proceeds on the sale of the home sitting in trust, do these funds accrue interest while in trust?
      The real question is... How does the other party get a Legal Aid Ontario Certificate when moneys are being held in trust? Do they secure the lean against the trust?

      Legal Aid Ontario really needs a going over by the Ontario Ombudsman.

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      • #4
        From my experience, they do earn interest, but the amount is very small, like a chequing account.

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        • #5
          Originally posted by Tayken View Post
          The real question is... How does the other party get a Legal Aid Ontario Certificate when moneys are being held in trust? Do they secure the lean against the trust?

          Legal Aid Ontario really needs a going over by the Ontario Ombudsman.
          When i went in to sign papers on the sale and disbursments, they had 8k slated from her portion to legal aid so they are taking their money. They are charging her more than my paid attorney whom is very good and experienced, she has someone that has to be just out of law school a complete rookie.

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          • #6
            Originally posted by onlybeginning View Post
            When i went in to sign papers on the sale and disbursments, they had 8k slated from her portion to legal aid so they are taking their money. They are charging her more than my paid attorney whom is very good and experienced, she has someone that has to be just out of law school a complete rookie.

            Please, for your own good, do not underestimate the rookie. My husband's lawyer had over 30 years experience, his ex's lawyer had passed the bar two years earlier. She was constantly correcting his lawyer. New lawyers can be a little "hungrier" and have a lot to prove. Her rookie lawyer was also a touch more expensive.

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            • #7
              Originally posted by Unevenplayingground View Post
              Please, for your own good, do not underestimate the rookie. My husband's lawyer had over 30 years experience, his ex's lawyer had passed the bar two years earlier. She was constantly correcting his lawyer. New lawyers can be a little "hungrier" and have a lot to prove. Her rookie lawyer was also a touch more expensive.
              And has a "fresh" education on Family Law.

              Comment

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