qbteachmt
Level 15

"This is an irrevocable trust for litigation purposes."

It's no problem. You always need to know the details. The terminology doesn't always describe the facts. That's why I asked.

I already explained how attorneys have Trust Accounts.

Let's take the example of a potentially large settlement, or a large set of plaintiffs. There can be a Trust that got established because of the large number of beneficiaries for once the trust is funded with the settlement amount, such as physical harm and/or environmental damage.

In which case,you will likely find the Attorney is the Trustee = the person named to manage everything. That means it is not the Attorney's trust account; the account belongs to the Trust. It's not even the Attorney's Trust. The point of forming this as a separate entity is because of the need to provide some protection to the parties involved, perhaps for a number of years after litigation, as well. The Attorney will operate and manage the Trust for the beneficiaries. The Trust is its own entity.

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