Jurisdiction Reference
Wisconsin IOLTA
Program: Wisconsin Trust Account Foundation (WisTAF) IOLTA Program
Wisconsin SCR 20:1.15 requires lawyers to segregate entrusted funds and place funds that cannot earn net income for their owner in a pooled IOLTA account at a WisTAF-participating institution. Wisconsin adds two account agreements, annual certification, overdraft reporting, monthly reconciliation, detailed ledgers, and six-year records.
General information, not legal advice — always confirm against the official Wisconsin sources below.
Ask about Wisconsin's IOLTA rules
Deposits, reconciliation, reporting, recordkeeping — answered from Wisconsin's official sources. Not legal advice.
Quick reference
Plain-language summaries of common Wisconsin trust-accounting requirements. Use these to orient yourself, then verify the exact rule text through the official sources.
| Topic | Summary | Category |
|---|---|---|
| Segregate client and third-party property | A lawyer must hold client and third-party property separate from the lawyer's own property and deposit representation-related funds in identifiable trust accounts. | SCR 20:1.15(b). |
| Use IOLTA only for funds that cannot earn net owner income | A Wisconsin IOLTA account may contain only funds that cannot earn income for the client or third party in excess of the costs to secure that income. | SCR 20:1.15(a)(7), (cm). |
| Use client-benefit accounts for productive funds | When funds can produce net income for the owner, the lawyer must use a non-IOLTA trust account or suitable investment for that client or third person. | SCR 20:1.15(c). |
| Use a WisTAF-participating institution | IOLTA must be held at a Wisconsin-authorized institution on WisTAF's participating list and compliant with IOLTA and overdraft rules. | SCR 20:1.15(a)(7m), (cm). |
| Execute both required account agreements | For each IOLTA draft account, complete the Attorney IOLTA Trust Account Agreement and the OLR overdraft-notification agreement. | Wisconsin Court System Trust Account Program. |
| Receive comparable interest treatment | A participating institution must pay IOLTA no less than a similarly situated non-IOLTA account and annually certify compliance to WisTAF. | SCR 20:1.15(cm); WisTAF participation guidance. |
| Clearly identify the trust account | Account records, signature cards, statements, checks, and deposit slips must say Client Account, Trust Account, or similar words; an acronym alone is insufficient. | SCR 20:1.15(b)(2). |
| Promptly notify, account, and deliver | The lawyer must promptly notify an owner of receipt, provide full accounting on request, and deliver funds or property the owner is entitled to receive. | SCR 20:1.15(e). |
| Maintain a transaction register | Each draft trust account needs a chronological register recording deposits, disbursements, client identity, purpose, and balance after every transaction. | SCR 20:1.15(f)(1). |
| Maintain client and fee ledgers | Keep an individual ledger for each client or third party in a pooled account and a separate ledger for lawyer funds used for account fees and charges. | SCR 20:1.15(f)(1). |
| Retain deposit and disbursement evidence | Maintain deposit records, check images or equivalent disbursement records, monthly statements, and electronic-transfer documentation. | SCR 20:1.15(f). |
| Perform and document monthly reconciliation | Reconcile the statement balance, transaction register, and client-ledger balances every month and retain the reconciliation report. | SCR 20:1.15(f)(1). |
| Report every draft-account overdraft | The financial institution must report an overdraft or insufficient-funds event on a draft trust account to the Office of Lawyer Regulation. | SCR 20:1.15(h); OLR overdraft agreement. |
| Certify accounts annually and retain records six years | Lawyers must annually report and classify trust and fiduciary accounts to the State Bar and retain required records for at least six years. | SCR 20:1.15(i), (m); State Bar Trust Account Certificate. |
Official sources
The authoritative material for this jurisdiction. Confirm every requirement here before acting on it.
Wisconsin Supreme Court Rule 20:1.15
Controlling safekeeping, IOLTA, bank, transaction, records, and overdraft rule.
OpenWisconsin Court System — Trust Account Program
Current official account agreements, participating-bank, and July 2023 procedure guidance.
OpenOLR Information for Financial Institutions
Official IOLTA and overdraft requirements for institutions.
OpenState Bar Trust Account and WisTAF Certificate
Current annual account reporting and lawyer acknowledgments.
OpenWisTAF — Participating IOLTA Institutions
Official eligibility, comparability, annual certification, and participating-list guidance.
OpenNotes
- Reviewed against Wisconsin Supreme Court, OLR, State Bar, and WisTAF materials available July 14, 2026.
- Wisconsin's electronic-transaction procedures were materially updated effective July 1, 2023; this page reflects the current framework.
- This summary is educational and does not replace SCR 20:1.15, current forms, participating-bank lists, or OLR guidance.
Wisconsin — Frequently asked
Common questions for Wisconsin trust accounts. General information only — verify against the official sources above.
What is Wisconsin IOLTA?
It is the pooled trust-account system for funds that cannot earn net income for the client or third party after reasonable costs.
Who administers Wisconsin IOLTA?
The Wisconsin Trust Account Foundation, or WisTAF, administers the program and civil legal-aid grants.
Who needs a Wisconsin trust account?
A lawyer receiving client or third-party funds in connection with representation must use an identifiable trust account.
Which funds belong in IOLTA?
Typical examples are short-term or modest earnest money, loan, settlement, collection, cost-advance, and unearned-fee funds that cannot earn net owner income.
When should funds go to a client-benefit account?
When the amount and expected duration can generate income exceeding the cost of securing it for the owner.
May any Wisconsin bank hold IOLTA?
No. Use an institution on WisTAF's current IOLTA-participating list.
Which agreements are needed to open IOLTA?
The Attorney IOLTA Trust Account Agreement and the OLR overdraft-notification agreement for the draft account.
What is IOLTA rate comparability?
A participating institution must pay no less than its similarly situated non-IOLTA account would earn and certify compliance annually.
How must a Wisconsin trust account be labeled?
Use Client Account, Trust Account, or similar explicit words on all account records; IOLTA alone is not enough.
What is the transaction register?
A chronological record of every deposit, disbursement, client, purpose, and resulting account balance.
Which subsidiary ledgers are required?
One for each client or third party in the pooled account and another for lawyer funds covering account fees or charges.
How often is Wisconsin reconciliation required?
Monthly, comparing the adjusted bank statement, transaction register, and total client-ledger balances.
What documents support disbursements?
Keep checks or images and records for wires and other electronic transactions showing date, amount, payee, client, and purpose.
What happens after an overdraft?
The participating institution reports the event to OLR under the agreement, even when the institution pays the item.
Are non-IOLTA trust accounts subject to overdraft reporting?
Draft non-IOLTA trust accounts generally are; fiduciary accounts have limited alternatives under the rule.
Must Wisconsin lawyers certify trust accounts annually?
Yes. The annual certificate identifies and classifies trust and fiduciary accounts and acknowledges core duties.
How long are Wisconsin trust records kept?
At least six years under SCR 20:1.15's record-retention provisions.
Can electronic transfers be used?
Yes, subject to the safeguards and records in the current rule, including the procedures effective July 1, 2023.
What must happen when client funds arrive?
Promptly notify the client or third person, safeguard and record the property, account on request, and deliver what the owner is entitled to receive.
Can lawyer funds be in the trust account?
Only amounts reasonably necessary for account fees and charges, tracked on the required separate ledger.