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What Steps Should Be Taken to Close My Trust Account?

Not required to notify anyone before closing a trust account incident to leaving practice. Ensure that all outstanding checks are accounted for, and IOLTA interest will be properly disbursed. All monies owed clients must be returned to the clients entitled thereto. If a particular client cannot be found, it may be necessary to complete the “stale funds” procedure. File a supplement or amendment to your client security report within 30 days after closure. Retain the trust account records for at least 6 years.

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