A lawyer holding trust funds in a guardianship in Florida, is it mandotory to put the money in a interest bear

Question

Must an attorney in Florida put trust funds which he is holding into a interest bearing account with a financial institution

Answer 1

In Arkansas anyway, we are required to have IOLTA trust accounts (FL should have something similar and yes, it's an interest nearing account, but the attorney doesn't get the interest--here it goes to pay for certain programs) for moneys we have not technically earned. Say someone pays me 5K as a retainer for a custody case. I put it into my trust account and as I work and actually earn the money, I can withdraw it and put it into my operating account.

Florida would have a similar requirement I would think.