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Edward, a solicitor, is handling the administration of an estate for the personal representatives. At the end of the administration period, the residuary beneficiary, Ms. Green, who is also one of the personal representatives, asks Edward to retain £350,000 of the residue for six months as she plans to emigrate next year. In the meantime, Ms. Green requests that Edward use some of the money to pay her monthly credit card bills. What action should Edward take with respect to the £350,000?
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The residue of the estate is client money, and there is no longer a proper reason related to the provision of legal services to retain the £350,000. Therefore, it must be returned to the client promptly in accordance with the SRA Accounts Rules. Options A, B, and D are incorrect as they involve retaining some or all of the money without a proper reason. Option C is also incorrect as it suggests retaining part of the funds to pay the credit card bills, which would breach the prohibition in the Rules on providing banking facilities.
Key Point: The SRA Accounts Rules require that client money must be returned to the client when there is no longer a valid reason to retain it. Solicitors must avoid providing banking facilities and must act promptly in returning funds to the client.
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