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#699192 - 03/09/07 04:12 PM IOLA and CBTA Accounts
OpsGirl Offline
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OpsGirl
Joined: Mar 2007
Posts: 1
My questions relate to IOLA and CBTA accounts. We have several attorneys opening these accounts for small estates, i.e. Estate of John Doe, CBTA or Estate of Jane Doe, IOLA. For documentation we ask for the Death Certificate and Letters of Administration, however the attorney is not the Administrator of the estate it's their client, so now I am requesting something from the client stating they authorize the attorney to handle the matter for the estate. My questions are: 1) can estate accounts be opened as IOLA or CBTA and 2) what documents should we request?
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#699564 - 03/09/07 11:40 PM Re: IOLA and CBTA Accounts OpsGirl
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Jargon alert: CBTA must mean Client Benefit Trust Account in this context, right?

Estate accounts cannot be opened as IOLA or CBTA accounts. However, attorneys may have clients that are estates, and might be holding small amounts on their behalf for short periods of time. Those funds could run through an IOLA account.

If I understand CBTA correctly, such an account would be opened with one client named (Attorney Jones CBTA for Estate of Happy Camper). Jones is your customer, but checks payable to the estate or to Happy Camper might be run through the account. I'd suggest getting a death certificate, Letters Testamentary, and acknowledgment from the personal representative of the estate that Jones is engaged as an attorney for the estate.
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