For independent surrogacy journeys, escrow is a vital aspect in protecting the safety of the intended parents and the surrogate. By contracting the services of a surrogacy escrow company that manages cases versus just holding the funds, there is a greater level of protection allowing the intended parent(s) to focus on the joy of their journey versus worrying about the finances.
This article will provide insight into the significance of escrow for independent surrogacy journeys.
What is an independent surrogacy journey, and what are the challenges associated with the process?
Independent surrogacy arrangements involve two parties, the intended parent(s) and their surrogate, without the involvement of a third-party fertility agency. Communication is directly between the intended parents and the surrogate, and these arrangements can occur between parties who are close friends, family members or even people who were unknown initially.
The funds from the intended parents are held and distributed by a neutral, third-party escrow company in accordance with the escrow company’s service agreement. In essence, the goal of surrogacy escrow is to ensure that everyone involved in the surrogacy arrangement follows the financial direction of the signed contract to avoid disagreements throughout their journey. The escrow agreement does not cover legal or medical issues related to the surrogacy journey, like pregnancy care and child custody. These matters are handled through separate legal contracts often called Gestational Surrogacy Agreements (GSAs) that are signed by the intended parent(s) and their surrogate and are drafted by qualified and reputable attorneys that have expertise in third-party fertility cases.
Surrogates may experience physical and emotional stress by worrying about medical complications and compensation while intended parents navigate legal and medical fees along with the concerns of becoming parents to a newborn. Escrow fund management will alleviate the financial stress by acting as an intermediary between the parties and by managing and distributing funds in accordance with the GSA. Trust is crucial in independent surrogacy arrangements, and escrow can help ensure it.
In an independent surrogacy journey, how does the process of escrow work?
In an independent surrogacy arrangement, the intended parents are responsible for covering the surrogate’s fees and reimbursing all pregnancy-related expenses. To ensure safe and proper payment, an escrow company holds the money in a secure account until it’s time for payment. The company also guarantees that payments are made on time and any additional expenses are handled according to the contract.
Having an experienced and trustworthy surrogacy escrow provider involved can deliver peace of mind for the intended parent(s) and the surrogate. It’s crucial to have a reliable company managing the funds in an independent surrogacy arrangement.
How can using an escrow service benefit an independent surrogacy arrangement?
Independent surrogacy arrangements can be made more secure by utilizing the services of a surrogacy escrow service offering many advantages for both parties involved. The primary benefit of escrow is that it provides protection and safety for everyone concerned, guaranteeing that all financial transactions related to the surrogacy journey are handled appropriately and confidentially by an impartial third
Moreover, escrow encourages transparency and accountability between the intended parents and surrogate, allowing for open communication and ensuring timely payments for the surrogate. This creates a sense of security for the surrogate knowing that she will receive the agreed-upon payments without delay or complications.
In addition, escrow services give the intended parents the assurance that their investment is being managed properly and that their funds are being used as intended. This added layer of security allows them to monitor the flow of their money and to rest easy knowing that it is being managed responsibly.
What factors should I consider when selecting a surrogacy escrow company?
When choosing a surrogacy escrow company for independent surrogacy, it’s important to research and consider factors such as licensing, services offered, experience, customer service, security, and comprehensive support. Check references and reviews, ensure that all funds are bonded and insured, and choose a company that provides a smooth and transparent process, secure payment solutions, and comprehensive support throughout the surrogacy journey. This is not an area where you want to try and save a few hundred dollars on the service fee. The reality is that even if you pay a little more for the escrow service at the onset, working with the best escrow provider will end up saving you money because every disbursement is scrutinized and will only be paid according to the contract.
Additionally, having client funds held in an attorney-managed trust account is a good idea for added security and accountability.
At SeedTrust, our primary objective is to facilitate a seamless and prosperous independent surrogacy experience for you. We are fully committed to delivering exceptional service and support every step of the way.
Our proficient and experienced escrow firm alleviates any financial uncertainties or apprehensions, allowing you and all involved parties to focus on the most significant aspect – starting a family.