A living trust can be a powerful estate planning tool– it not only allows you to manage the circulation of your property after you die, but 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 technique, there have been some dishonest sales techniques used over the past years. One of those methods is known as a ‘trust mill.’
The trust mill fraud is a national issue that has actually cost lots of senior residents economically and with their peace of mind. Trust mills are not genuine law office. Some may have attorneys on staff in order to say that they are not illegally practicing law; nevertheless, offering legitimate legal services is not the trust mill’s real objective. Rather, the trust mill provides one product, a living trust, in order to attempt to offer something else altogether – financial services.
Trust mills lure people by marketing “living trust” plans at “low expenses”– far less than what genuine legal services expense. They run online or go from town to town, frequently targeting senior citizens. The trusts offered are generally just a fill-in the blanks form, and should not be puzzled with legitimate, professional, personalized legal services. These trusts might not even be drafted by a licensed attorney. Some salesmen will use bogus titles such as “certified trust consultant” to make themselves appear genuine and knowledgeable.
Once the trust mill has a senior citizen’s trust and financial details, they then try to offer monetary products such as annuities, life insurance, and reverse home loans. The sales methods utilized are dishonest and predatory, to state the least. The salesperson’s ulterior motive is a frequently a significant sales commission for other financial products, and not the fee for the living trust.
Avoid these trust mills, both in person and online. Make certain you deal with a trust lawyer or estate planning lawyer who can you to discover the tools to satisfy your specific needs.