A living trust can be an effective estate planning tool– it not just permits you to control the circulation of your property after you pass away, however it provides a mechanism to handle your property in the occasion of your inability.
Due to the fact that of the popularity of living trusts, particularly as a probate avoidance method, there have been some dishonest sales techniques utilized over the past years. One of those strategies is called a ‘trust mill.’
The trust mill scam is a national issue that has cost lots of senior residents financially and with their peace of mind. Trust mills are not genuine law office. Some may have lawyers on personnel in order to state that they are not illegally practicing law; nevertheless, supplying genuine legal services is not the trust mill’s real objective. Rather, the trust mill offers one product, a living trust, in order to attempt to offer something else completely – monetary services.
Trust mills attract people by marketing “living trust” plans at “low costs”– far less than what legitimate legal services cost. They operate online or go from town to town, usually targeting elderly people. The trusts supplied are essentially simply a fill-in the blanks form, and must not be confused with genuine, professional, individualized legal services. These trusts might not even be drafted by a licensed lawyer. Some salespersons will utilize phony titles such as “qualified trust consultant” to make themselves appear legitimate and knowledgeable.
Once the trust mill has a senior resident’s trust and monetary info, they then attempt to offer financial products such as annuities, life insurance coverage, and reverse home loans. The sales strategies used are unscrupulous and predatory, to say the least. The salesman’s ulterior intention is an often a substantial 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 sure you deal with a trust attorney or estate planning lawyer who can you to find the tools to satisfy your specific requirements.