Your surrogacy contract includes using an escrow agency. This service allows a third party (the escrow agency) to hold and dispense funds during the surrogacy process. This can continue up to six months after birth. The escrow agency acts on behalf of the intended parents to ensure that the surrogate is being paid accurately and on time.
As you may know, a lot of paperwork is involved throughout the entire surrogacy process, and it doesn’t stop with an escrow agency. Intended parents will most likely, fill out the bulk of the paperwork and the surrogate provides banking information in order for payment to be directly deposited into her account. The surrogate is responsible for keeping any related receipts and filling out disbursement requests, so she can be reimbursed for things such as: medical visits, co-pays, housekeeping, lost wages, etc. Be sure to check your contract to know what can be reimbursed.
There are a number of benefits in using an escrow agency. Escrow agencies protect intended parents and surrogates. Having an escrow guarantees that the surrogate gets paid on time and with the appropriate amount. Escrow accounts also guarantee that the intended parents have the means to cover the cost of the journey. It gives everyone peace of mind to know that their money is safe and being allocated on-time and appropriately. And it prevents any awkward conversation about money or finances between the surrogate and intended parents.
Shared Conception chooses to work with escrow agencies for the benefit of all parties involved in this process. We believe that it ensures a smooth journey for everyone. Whether you are looking into using a surrogate or becoming one, give us a call today for a free consultation. We are always willing to answer any of your questions!