A living trust can be an effective estate planning tool– it not just allows you to control the circulation of your property after you die, but it offers a system to handle your property in case of your inability.
Because of the appeal of living trusts, especially as a probate avoidance technique, there have actually been some dishonest sales tactics used over the previous decade. One of those methods is known as a ‘trust mill.’
The trust mill scam is a nationwide issue that has cost many senior citizens economically and with their assurance. Trust mills are not genuine law practice. Some may have attorneys on personnel in order to state that they are not illegally practicing law; however, offering legitimate legal services is not the trust mill’s true objective. Rather, the trust mill offers one product, a living trust, in order to attempt to offer something else entirely – monetary services.
Trust mills entice individuals by marketing “living trust” plans at “low expenses”– far less than what genuine legal services cost. They run online or go from town to town, frequently targeting seniors. The trusts supplied are basically simply a fill-in the blanks form, and need to not be confused with legitimate, professional, personalized legal services. These trusts may not even be prepared by a licensed attorney. Some salesmen will utilize phony titles such as “licensed trust advisor” to make themselves appear genuine and knowledgeable.
Once the trust mill has a senior’s trust and monetary info, they then attempt to offer financial items such as annuities, life insurance coverage, and reverse home loans. The sales tactics used are deceitful and predatory, to say the least. The salesperson’s ulterior motive is a frequently a significant sales commission for other monetary items, and not the fee for the living trust.
Avoid these trust mills, both personally and online. Ensure you work with a trust attorney or estate planning attorney who can you to discover the tools to satisfy your particular requirements.