A living trust can be a powerful estate planning tool– it not only permits you to control the circulation of your property after you pass away, however it provides a mechanism to manage your property in the occasion of your incapacity.
Since of the popularity of living trusts, particularly as a probate avoidance method, there have been some unscrupulous sales methods used over the previous decade. One of those techniques is called a ‘trust mill.’
The trust mill scam is a national problem that has cost numerous elderly people economically and with their assurance. Trust mills are not genuine law firms. Some may have attorneys on staff in order to say that they are not unlawfully practicing law; however, providing legitimate legal services is not the trust mill’s real goal. Rather, the trust mill offers one item, a living trust, in order to try to offer something else altogether – financial services.
Trust mills attract people by marketing “living trust” bundles at “low expenses”– far less than what genuine legal services cost. They operate online or go from town to town, frequently targeting elderly people. The trusts provided are generally simply a fill-in the blanks form, and need to not be confused with genuine, professional, customized legal services. These trusts may not even be prepared by a licensed attorney. Some salespersons will use phony titles such as “certified trust consultant” to make themselves appear genuine and knowledgeable.
Once the trust mill has a senior’s trust and financial info, they then try to sell financial items such as annuities, life insurance coverage, and reverse mortgages. The sales tactics utilized are unethical and predatory, to state the least. The salesperson’s ulterior motive is an often a significant sales commission for other financial products, and not the fee for the living trust.
Avoid these trust mills, both face to face and online. Make certain you work with a trust lawyer or estate planning lawyer who can you to find the tools to meet your particular requirements.