Is your surrogacy escrow safe? Are your funds protected?
There are two things you need to consider when thinking about protecting your surrogacy money; Funds Holding and Funds Management.
Funds Holding Services
The safest place for you to keep the money for your surrogate’s compensation and expenses is in a legal funds holding service. An escrow company, or an attorney that has additional insurance beyond the IOLTA account, are the safest options for you. Heart to Hands only refers clients to third-party, independent, legal funds holding services that meet the safest criteria. Heart to Hands does not receive referral fees or kickbacks from any funds holding service. We refer you only to services we’ve worked with before, or services that have an excellent reputation in the community.
Heart to Hands knows you want to know what is happening with your money. Our funds management service is built on the principle of transparency. We keep a current live ledger that you receive access to as soon as you’ve set up your funds holding account. You can check your balances and see the expenditures at any time. We have a dedicated funds management employee, and extra checks and balances to make sure that your surrogate’s compensation and expenses are disbursed correctly, on time, and accurately. And we always work in cooperation with your fund holding service to create a seamless experience. No one likes to talk about the money part of surrogacy, but it’s an important part of the process. We know you have worked hard to be able to choose surrogacy, and making sure your money is safe and handled responsibly is important to us.
And regardless of who holds your escrow, make sure you ask:
- Is the funds holding service legal in that state?
- You ALWAYS want to be sure the funds holding service is legal in the state they operate.
- Are they bonded, licensed or do they carry insurance to protect your money?
- At a minimum, they should be able to assure you that they have some form of protection besides their word.
- Does the service have any ties to the agency? If so, what are they?
- You want an independent service that doesn’t have a direct connection to the agency besides referrals.
- Are they independent?
- Your funds holding service should offer their services to more than just one client.
Feel free to reach out to Heart to Hands with any questions you have about safe funds holding practices, or to find out who we use!