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Interest on Lawyers' Trust Accounts (IOLTA) is a method of raising money for charitable purposes, primarily the provision of civil legal services to indigent persons, through the use of interest earned on certain lawyer trust accounts.
A trust company is a corporation that acts as a fiduciary, trustee or agent of trusts and agencies. A professional trust company may be independently owned or owned by, for example, a bank or a law firm, and which specializes in being a trustee of various kinds of trusts. The "trust" name refers to the ability to act as a trustee – someone ...
the act of "appointing" (i.e. giving) an asset from the trust to a beneficiary (usually where there is some choice in the matter—such as in a discretionary trust); or. the name of the document which gives effect to the appointment. The trustee's right to do this, where it exists, is called a power of appointment.
Typically, this means establishing a bank account just for the trust that only the trustee has access to. The trustee can then use this account to write checks, schedule ACH or wire transfers or ...
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