A living trust can be a powerful estate planning tool– it not just permits you to control the distribution of your property after you die, however it provides a mechanism to handle your property in case of your inability.
Due to the fact that of the popularity of living trusts, especially as a probate avoidance method, there have been some unscrupulous sales strategies used over the previous years. Among those techniques is called a ‘trust mill.’
The trust mill rip-off is a national issue that has actually cost lots of seniors financially and with their peace of mind. Trust mills are not genuine law practice. Some might have lawyers on personnel 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 uses one product, a living trust, in order to attempt to offer something else completely – monetary services.
Trust mills lure individuals by advertising “living trust” plans at “low expenses”– far less than what legitimate legal services expense. They operate online or go from town to town, usually targeting elderly people. The trusts provided are essentially simply a fill-in the blanks form, and should not be confused with genuine, expert, individualized legal services. These trusts might not even be drafted by a certified lawyer. Some salesmen will utilize fake titles such as “licensed trust advisor” to make themselves appear legitimate and knowledgeable.
Once the trust mill has a senior’s trust and financial details, they then try to offer financial products such as annuities, life insurance coverage, and reverse home loans. The sales tactics used are dishonest and predatory, to say the least. The salesman’s ulterior motive 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. Make sure you deal with a trust lawyer or estate planning lawyer who can you to discover the tools to satisfy your specific requirements.