Attorney Trust Accounts in Florida
An attorney trust account is a segregated bank account where Florida attorneys hold client and third-party funds separate from their own operating funds. Florida Bar Rule 5-1.1 imposes strict requirements on trust account management.
Requirements
Florida attorneys must deposit all client funds into a trust account at a Florida-approved financial institution, maintain detailed transaction records, perform monthly three-way reconciliations (bank statement, trust ledger, individual client ledgers), and disburse funds promptly when due. Commingling client funds with attorney funds is a serious ethical violation.
IOTA Program
Nominal or short-term client funds are held in IOTA (Interest on Trust Accounts) accounts, with interest remitted to The Florida Bar Foundation for legal aid funding. Larger amounts or funds held for extended periods must be placed in separate interest-bearing accounts with interest credited to the client. This program funds access to justice while ensuring proper stewardship of client funds.
Related Terms
Barnes Walker
Barnes Walker maintains strict trust account compliance for all client transactions. Contact us for representation.
Florida Law Reference
Fla. Stat. Ch. 736 (Florida Trust Code)
The Florida Trust Code governs the creation, modification, and administration of trusts, including trustee duties, beneficiary rights, and trust termination.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC