What is an attorney trust account?

An attorney trust account is a checking account or corresponding fiduciary account used to hold a client’s funds received during the course of practicing law, explains Carole Buckner. The attorney must open a trust account in approved banking institutions located within the borders of the state where he practices law.

State statutes determine if an attorney must maintain a single account in which to deposit all client funds or keep individual trust accounts, according to Buckner, dean of Abraham Lincoln University School of Law. Multiple accounts prevent the commingling of one client’s funds or property with other fiduciary accounts. The attorney cannot mix a client trust account with his business or personal accounts or withdraw funds until the money has been earned.