Preventing Living Trust Mills
A living trust can be an effective estate planning tool– it not only permits you to control the circulation of your property after you pass away, but it provides a mechanism to manage your property in case of your incapacity.
Due to the fact that of the popularity of living trusts, particularly as a probate avoidance strategy, there have been some unethical sales methods utilized over the past years. One of those tactics is referred to as a ‘trust mill.’
The trust mill fraud is a nationwide issue that has cost numerous seniors financially and with their peace of mind. Trust mills are not genuine law companies. Some may have lawyers on personnel in order to state that they are not unlawfully practicing law; nevertheless, supplying legitimate legal services is not the trust mill’s true objective. Rather, the trust mill offers one item, a living trust, in order to attempt to sell something else entirely – financial services.
Trust mills lure people by advertising “living trust” bundles at “low expenses”– far less than what legitimate legal services cost. They run online or go from town to town, frequently targeting seniors. The trusts provided are essentially just a fill-in the blanks form, and must not be confused with genuine, professional, customized legal services. These trusts may not even be drafted by a licensed attorney. Some salesmen will utilize fake titles such as “certified trust consultant” to make themselves appear legitimate and knowledgeable.
Once the trust mill has an elderly person’s trust and financial information, they then attempt to offer monetary items such as annuities, life insurance coverage, and reverse mortgages. The sales techniques used are unethical and predatory, to state the least. The salesperson’s ulterior motive is a frequently a considerable sales commission for other financial items, and not the charge for the living trust.
Avoid these trust mills, both in individual and online. Make certain you work with a trust attorney or estate planning attorney who can you to find the tools to satisfy your specific requirements.