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IOLTA CHANGES EFFECTIVE MARCH 23, 2018

March 13, 2018 — Columbus, OH  |  Download PDF  |  Media Contact: Antionette Goff

Amendments to Ohio Revised Code 4705.09 as passed by the 132nd Ohio General Assembly in Am.H.B. 223 take effect on March 23, 2018.

The changes permit a fiduciary or an attorney serving as the estate fiduciary to transfer estate funds received by the fiduciary in the fiduciary’s name to the fiduciary’s attorney for deposit in a Probate IOLTA maintained by the fiduciary’s attorney or the attorney serving as the estate fiduciary, but ONLY if┬áthe probate court, upon petition, approves each deposit┬áthe attorney, in consultation with the fiduciary, has determined that the funds are nominal in amount or will be held in the Probate IOLTA for a short period of time such funds are deposited in a new, pooled Probate IOLTA

If you have any questions about this, please feel free to contact us at OBLIC.

Gretchen Koehler Mote, Esq.,
Director of Loss Prevention
Ohio Bar Liability Insurance Company