Colorado IOLTA, together with other state’s IOLTA Programs, were established first in Australia and Canada between the late 1960s and early 1970s. These programs are used as a way to generate funds in order for the indigent people to gain access to civil legal services which they cannot afford to have in the first place. During the late 1970s, the Florida Bar, together with other organizations, petitioned to establish a U.S. IOLTA program in Florida. After launching the first IOLTA program in 1981, Idaho, Maryland, and California followed suit.

Presently, all 50 states, with the U.S. Virgin Islands and the District of Columbia operate IOLTA programs which are now proving to be a successful one and a very beneficial one at that. Thousands of people who live even across the country are able to get the legal help that they need.

People who live in Colorado are fortunate enough to have an IOLTA Program which actively helps the indigent families and individuals with regards to gaining access to civil legal services. With the interests earned from client’s funds that are deposited in pooled accounts, it do not only fund programs that help improve justice system in the state but also support education programs which are law-related.

These earned interests cannot be used by lawyers for personal gain because this is against their code of ethics. They do not actually benefit from this system. It just gave them a cost-effective way to safeguard the funds of their clients. What they earn really is the client’s trust which is more valuable than any amount of money.

Colorado IOLTA program is legal in all aspects. Rest assured that your money will be kept, untouched and secured. It is good to think that while your money is being kept in trust fund accounts, it has the ability to help indigenous people and improve the state’s justice system.

Though IOLTA or Interest on Lawyers Trust Account is becoming popular nowadays, there are still a significant number of people who are not familiar about it. It is crucial for the public to know about the different programs introduced by the government. Therefore, you should have a clear understanding about this particular program. Arizona IOLTA is just among the IOLTA programs. Anyway, IOLTA is actualized in all 50 states. There are some states that make IOLTA as optional. Other states make IOLTA as a must-implemented program. Majority of the attorneys possess IOLTA accounts. Attorneys need IOLTA accounts so that they can hold the funds of the client. Take note; lawyers are not allowed to deposit the funds of their client into their personal account, and this fact gave birth to IOLTA.

The public should know that the IOLTA account is a type of ‘Interest Bearing Account’. Don’t think that the interest will go to the lawyers’ pockets because it is not and never will. The interests that will be generated by the IOLTA accounts will be gathered or termed as pooled. These interests will then be subjected to charitable works, mainly for those people who require legal assistance.

In the early 1980’s, the attorneys in United States of America initially utilized IOLTA accounts. The state of Florida is the first one that enabled its lawyers to hold the funds of their client in an IOLTA account. After Florida succeeded in implementing and managing this program, the other 49 states as well as USA territories followed their footsteps. Not so long, IOLTA became present in all 50 states, and they only have one goal, and that is to help the underprivileged obtain legal service.

Once the clients paid their attorneys in order for the latter to perform their legal duties, the money will go to the IOLTA account. Attorneys are not allowed to combine the funds of their clients to their personal funds, that is why IOLTA accounts were procreated. If the payment of the client is quite a small amount, it will be directly subjected to the IOLTA account. If the money of the client will just be held by the attorney for a short period of time, then it will be kept in the IOLTA account.