Trust & Escrow: Settlements, Disbursements, and "On Hold" Funds

Summary

Occasionally Gravis Law receives client funds which must be held in trust for a specific purpose outside of normal invoicing and client costs. We call these balances "Hold Funds" and include that reference tag in our internal procedures. 

"Hold Funds" funds will not be released without attorney approval. 

Examples include, home sale proceeds, estate distributions, settlement receipts or holding, funds held for a specific known upcoming cost, business purchase/sales, etc. 

Receiving Designated Funds

When you receive funds for a client matter that should held for a specific purpose, you must include this information on the daily deposit log filled out by your office and submitted through request hub.

Example:

If your client will be paying by credit card, wire, ACH, or cash, notify accounting how these funds should be treated. Without notification, the funds are treated as a normal trust deposit and will be made available for invoicing and client costs. 

Requesting Disbursement of "On Hold" funds

Depending on the amount to be disbursed, disbursement method (ACH/Wire or check) and the amount to be released, disbursement time may vary. At a minimum, the funds must clear the Gravis Law bank account before they can be released. A personal or business check requires seven business days, a LawPay debit or credit card will typically require 1 business day, a LawPay ECheck may take up to five days, while cash and cashiers check can be released same day. 

To request disbursement, submit a ticket through request hub under Category: Refunds and Credits, Sub Category: Distribution of On Hold Funds. For requests from On Hold Funds, you can submit one ticket for multiple checks. If we are to wire the funds, please be sure to include the required information. See the Knowledge Base article Wires for more information. 

Example: 

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