Legal Speak Made Easy - “Trust account”
You will most often come across trust accounts in your dealings with attorneys and estate agents, who must use them to hold funds on behalf of clients and other third parties. The funds in a trust account must be kept in a registered South African bank and are subject to yearly audit. They do not belong to the professional and must by law be kept entirely separate from the professional’s own business or personal funds.
If you pay over money to an attorney or estate agent to be held on your behalf, check that their Fidelity Fund Certificate (FFC) is current and ensure that the money is paid into their trust account, not a business or personal account.
Provided by Anthony Whatmore & Company
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