What is a requirement for a client trust account?

A client trust account is designed to safeguard client funds and is subject to specific regulatory requirements. The correct choice states that it must either pay interest to the client or be structured as an IOLTA (Interest on Lawyers' Trust Accounts) account. This requirement ensures that clients' funds are not only protected but also either accrue interest for the benefit of the client or contribute to a pooled fund that generates interest for charitable purposes, typically for access to justice initiatives. IOLTA accounts help facilitate the proper management of client funds while complying with legal and ethical standards.

The option regarding lawyer access at any time is not a requirement, as there are restrictions on accessing such accounts, especially concerning funds that belong to clients versus funds that belong to the attorney. Similarly, requiring a lawyer's personal funds in a trust account conflicts with the intention of maintaining a clear separation between personal and client funds. The stipulation about holding funds for a minimum of three years is not a standard requirement; rather, the focus is on the proper handling and disbursement of client funds as necessary.