If you do take possession of the funds from the sale of your property, the 1031 exchange won't work anymore. (simplepassivecashflow.com)
Even though the firm is in possession of those funds via the trust account, those funds still don't belong to the firm until they are earned. (cosmolex.com)
An agreement that names a trustee who holds legal possession of a fund or an asset for the benefit of another person or entity, known as the beneficiary. (allstate.com)