IOLTA Arizona: How it Works

If you have a lawyer in your employ and you are residing in the state of Arizona, you should take the time to learn about the IOLTA Arizona program. This is because you may actually benefit from this unique and innovative program being governed by the state's supreme court. You should also care about this program even if it will not directly benefit you, since you are actually playing a part in this program that was established to help the poor.

An IOLTA, which stands for Interest on Lawyers Trust Account is a type of account wherein your lawyer may have placed your money. Your lawyer deposits your money into a trust account as a means to safeguard it. This money may be an advanced payment you have given to your lawyer for legal services that he or she has not yet provided you with. This money may also be the funds that are owed to a medical provider or to other third parties.

If the money that you have given your lawyer comes up to a large amount and if it will be held and safeguarded by lawyer for a long period of time, then you may receive the interest that has been earned during that time. If your funds do not come up to a large amount and if it will not be held long enough for it to earn interest in a lawyers trust account, this is where the IOLTA Arizona program comes in.

The Arizona IOLTA program offers lawyers a cost-effective means to safeguard the funds of their clients. Through this program, your lawyer will be able to safeguard your funds into a pooled account, wherein the interest will be used for the good of the public, especially for the good of poor individuals and families.
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