A living trust can be a powerful estate planning tool– it not just enables you to manage the distribution of your property after you die, however it offers a mechanism to handle your property in case of your inability.
Since of the popularity of living trusts, especially as a probate avoidance technique, there have been some unscrupulous sales methods utilized over the previous years. Among those tactics is referred to as a ‘trust mill.’
The trust mill fraud is a national issue that has actually cost numerous seniors economically and with their assurance. Trust mills are not legitimate law practice. Some might have lawyers on personnel in order to state that they are not illegally practicing law; however, 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 sell something else entirely – financial services.
Trust mills lure individuals by marketing “living trust” bundles at “low expenses”– far less than what genuine legal services cost. They run online or go from town to town, frequently targeting senior citizens. The trusts provided are essentially simply a fill-in the blanks form, and must not be puzzled with genuine, professional, tailored legal services. These trusts may not even be prepared by a certified attorney. Some salesmen will use phony titles such as “licensed trust consultant” to make themselves appear legitimate and knowledgeable.
Once the trust mill has a senior person’s trust and financial info, they then try to sell financial items such as annuities, life insurance coverage, and reverse home mortgages. The sales techniques utilized are unethical and predatory, to say the least. The salesman’s ulterior intention is a typically a significant sales commission for other financial items, and not the fee for the living trust.
Avoid these trust mills, both personally and online. Ensure you deal with a trust attorney or estate planning lawyer who can you to discover the tools to satisfy your specific requirements.