How Ontario lawyers should record trust property that isn't money

If you only recently started practicing law in Ontario, you might not be totally familiar with the Law Society of Ontario's requirements for maintaining records of valuable property held in trust that isn't money, or what we'll call "trust property".

In this article, we'll walk you through the process of creating, viewing, and updating a "Valuable Property Record" on TrustReq.

Alright, let's begin. Starting from your TrustReq dashboard, click "Valuable property" on the left-hand sidebar.

You will now see the Valuable Property Records page, which contains a list of previous records that you or your team has created. To create a new record, click the green button that says "Record property".

You'll be taken to a page where TrustReq will ask you to fill in the details of the valuable property. Start by providing a short description of the item. This could be something like "Watch" or "Necklace".

Next, provide a longer description. Be as detailed as possible to accurately describe the item. Include any identifying marks, the material it's made from, and any other relevant details.

You can also upload pictures of the item by clicking "Open uploader". You can choose to upload from your device or take a picture using your camera. This step is optional but highly recommended for thorough record-keeping.

Next, enter the value of the item in the "Value" field. Make sure this is the appraised or estimated value in Canadian dollars.

Then, provide the date on which you received the item by clicking the date field and selecting the appropriate date from the calendar.

Next, go ahead and indicate the relevant client or clients by searching their full legal names in the "Relevant clients" field. When the system locates the right contact, remember to click the blue "Add client to list" button. You can add as many clients as needed. If a particular client is not yet in your contact list, you can click the blue "Create new contact" button, fill out the popup, and then click "Submit".

Next, specify the person from whom you received the item in the "Person received from" field. This should be the full legal name of the individual or entity from whom the item was received. As mentioned a moment ago, if a particular contact is not yet in your contact list, click the previously mentioned "Create new contact" button.

Optionally, you can assign an item ID based on your own filing system by filling in the "Item ID" field. TrustReq will also assign a system-generated ID number to this record as well.

Finally, check the box confirming that the item to be held in trust is not money, and click "Finalize" to complete the record.

To view a completed record, go back to the Valuable Property Records page and click "View" next to the relevant record. You will see all the details you entered, including any uploaded pictures.

If you need to update the record, such as when the possession of the item changes, click "Record relinquishment". Enter the date on which possession was given away and the person to whom the item was given.

You can also add any additional notes in the "Notes" field. Notes can be added before, during and after an item is relinquished.

With that, you now know how to create, view, and update a Valuable Property Record on TrustReq. Keeping accurate and detailed records helps ensure compliance with By-Law 9 and provides a clear history of valuable property held in trust.

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