Financial institutions provide the substance of IOLTA.

WisTAF

 

Contingent on interest rates, IOLTA (Interest on Lawyers Trust Accounts) funds help sustain providers of invaluable legal services such as helping people combat discrimination, resolve disability claims, become independent from an abusive partner, and much more.

 

Trust accounts

Lawyers have fiduciary obligations to safeguard and account for the funds and property of clients and others in their possession. A trust account must be maintained to hold the funds of clients and third parties that come into a lawyer’s possession in connection with a representation.

Examples of funds which must be placed in trust accounts include:

  • Personal Injury Settlements
  • Divorce Settlements
  • Real Estate Escrows and Closing Proceeds
  • Advanced Fees for legal services
  • Cost Advances

SCR 20:1.15 (cm)(6) states “A lawyer or law firm shall direct the IOLTA participating institution at which the lawyer or law firm’s IOLTA account is located to do all of the following, on at least a quarterly basis:

  • Remit to WisTAF the interest or dividends, less allowable reasonable fees as allowed under par. (5), if any, on the average monthly balance in the account or as otherwise computed in accordance with the IOLTA participating institution’s standard accounting practice.
     
  • Provide to WisTAF a remittance report showing for each IOLTA account the name of the lawyer or law firm for whose IOLTA account the remittance is sent, the rate and type of interest or dividend applied, the amount of allowable reasonable fees deducted, if any, the average account balance for the period for which the report is made, and the amount of remittance attributable to each IOLTA account.
     
  • Provide to the depositing lawyer or law firm a remittance report in accordance with the participating institution’s normal procedures for reporting account activity to depositors.
     
  • Respond to reasonable requests from WisTAF for information needed for purposes of confirming the accuracy of an IOLTA participating institution’s certification.

At the time an attorney client establishes an IOLTA trust account with your institution, they will need to complete two forms in cooperation with your financial institution: the Attorney IOLTA Trust Account Agreement (send a copy to WisTAF upon completion) and the Overdraft Notification Agreement (send a copy to the Office of Lawyer Regulation upon completion).

If your institution does not currently hold IOLTA accounts and you would like to join Wisconsin's IOLTA program, please contact WisTAF Office Manager Tehmina Islam at (608) 257-6845 before opening IOLTA accounts. 

 

UPCOMING MEETINGS & EVENTS
February 26, 2020
Executive Committee Teleconference
March 6, 2020
WisTAF Board Meeting
May 5, 2020
Grants & Evaluation Committee Meeting
June 10, 2020
WisTAF Board Meeting
August 28, 2020
Finance Committee Teleconference
September 8, 2020
Grants & Evaluation Committee Meeting
September 25, 2020
Executive Committee Teleconference
October 9, 2020
WisTAF Board Meeting
WHAT'S NEW
WisTAF Invests in Services and Projects to Help People Resolve Their Legal Problems
2020 Application & Reporting Deadlines Calendar Now Available!
WisTAF Announces $1,379,600 in Grants to Organizations Assisting Low-Income Wisconsinites with Critical Civil Legal Needs
Join our staff team! Now hiring a Communications & Development Manager.
WisTAF has posted materials for the 2019 Grantee Mid-Year reports

More...

PRIME PARTNER SPOTLIGHT

A Prime Partner member of the Wisconsin IOLTA program since 2012, Home Savings Bank strives to be the most admired community bank in the State of Wisconsin. Home Savings Bank goes above and beyond IOLTA participation requirements by paying additional interest on its clients' IOLTA accounts - helping to expand access to civil legal services in Wisconsin.


Contact us
WisTAF
4600 American Parkway, Suite 104, Madison, WI 53718
Phone: 608.257.6845 or 877.749.5045 (toll-free)
Email: service@wistaf.org

Board & Staff
WisTAF
Board of Directors
WisTAF
Rebecca Murray, Executive Director
WisTAF
Tehmina Islam, IOLTA Program/Office Manager
WisTAF
Carlos Arenas, Program Manager
WisTAF

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