A living trust can be a powerful estate planning tool– it not just permits you to manage the distribution of your property after you die, but it offers a system to manage your property in the occasion of your incapacity.
Because of the popularity of living trusts, particularly as a probate avoidance technique, there have been some dishonest sales methods utilized over the previous decade. Among those techniques is referred to as a ‘trust mill.’
The trust mill scam is a national issue that has actually cost lots of senior citizens economically and with their comfort. Trust mills are not genuine law companies. Some may have attorneys on staff in order to say that they are not unlawfully practicing law; nevertheless, providing genuine legal services is not the trust mill’s true objective. Rather, the trust mill provides one item, a living trust, in order to attempt to offer something else entirely – financial services.
Trust mills attract people by advertising “living trust” plans at “low costs”– far less than what legitimate legal services expense. They run online or go from town to town, frequently targeting elderly people. The trusts provided are basically just a fill-in the blanks form, and must not be confused with genuine, professional, individualized legal services. These trusts might not even be drafted by a certified attorney. Some salespersons will use fake titles such as “certified trust consultant” to make themselves appear genuine and knowledgeable.
Once the trust mill has an elderly person’s trust and monetary details, they then try to sell financial items such as annuities, life insurance, and reverse home mortgages. The sales strategies used are unscrupulous and predatory, to say the least. The salesperson’s ulterior motive is a frequently a substantial sales commission for other monetary items, and not the cost for the living trust.
Avoid these trust mills, both personally and online. Make certain you deal with a trust attorney or estate planning lawyer who can you to find the tools to satisfy your particular needs.