Trust Accounts

Don't forget the rules are very specific about the language that should appear on checks for your business and trust accounts.  According to Rule 1.15 of the Rules of Professional Conduct, trust account checks and deposit slips must say "Trust Account" or "COLTAF Trust Account."  Business checks and deposit slips must say "Office Account" or "Professional Account."  "Operating Account" is not one of the options!!  Checks with just the name of the firm are not an option. If you have checks that don't have the proper designation on them, attorney regulation says you can use them up, as long as you hand-write, stamp or type the required language on the checks.  When you order new checks, be sure to put the appropriate language on them. The only exception to this is if attorney regulation has already warned you about this. If they have, you must destroy all your checks and have new ones printed. 

Do you pay your bills using an online bill pay system?  Be sure to add "Office Account" or "Professional Account" in the memo field to ensure that you are complying with the rule.

Doing a wire transfer from the trust account?  Colorado Supreme Court Attorney Regulation suggests you call the payee to be sure the wire transfer was received.

CBA members can call or e-mail Reba Nance, 303-824-5342 or reban@cobar.org, if you have any questions.