Instead of your typical title escrow account, an attorney can establish which type of account?

An attorney can establish an IOLA account, which stands for Interest on Lawyers' Trust Accounts. This type of account is specifically designed for holding client funds that are not substantial enough to earn interest for the individual client. Instead, any interest that the IOLA account earns is pooled and goes to support legal services for those who cannot afford representation. This setup ensures that client funds are kept separate from the attorney’s operating funds while also facilitating access to funds for legal aid programs.

An IOLA account is regulated by state bar associations and is an essential tool for attorneys, providing both a way to manage client funds responsibly and a means to contribute to public interest legal services. This makes it a common choice for attorneys handling escrow-like situations. Other account types mentioned, such as a MAHT account, sweep account, or operating account, do not have the same specific function or purpose as an IOLA account concerning client trust funds and their management in the legal field.