A living trust can be a powerful estate planning tool– it not only permits you to control the distribution of your property after you die, however it uses a system to handle your property in case of your inability.
Since of the appeal of living trusts, especially as a probate avoidance method, there have been some dishonest sales techniques utilized over the previous years. Among those techniques is called a ‘trust mill.’
The trust mill scam is a national issue that has actually cost lots of senior citizens economically and with their peace of mind. Trust mills are not genuine law companies. Some may have attorneys on personnel in order to state that they are not illegally practicing law; however, providing legitimate legal services is not the trust mill’s real objective. Rather, the trust mill offers one product, a living trust, in order to try to offer something else completely – monetary services.
Trust mills attract individuals by marketing “living trust” plans at “low expenses”– far less than what legitimate legal services cost. They run online or go from town to town, frequently targeting elderly people. The trusts supplied are essentially simply a fill-in the blanks form, and should not be confused with legitimate, professional, customized legal services. These trusts may not even be drafted by a certified attorney. Some salesmen will use phony 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 info, they then try to sell monetary items such as annuities, life insurance, and reverse mortgages. The sales strategies utilized are unscrupulous and predatory, to say the least. The salesperson’s ulterior intention is a frequently a significant sales commission for other financial items, and not the cost for the living trust.
Avoid these trust mills, both face to face and online. Ensure you deal with a trust lawyer or estate planning attorney who can you to find the tools to satisfy your particular requirements.