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Probate Law News
Trust Mills Can Be Financial Traps
Consumer: I’m exploring estate planning options, including living trusts. I’ve read recent warnings about “trust mills.” What are these?
Attorney General Rob McKenna: In the past several years, my office has seen an increase in deceptive salespeople aggressively promoting living trusts to senior citizens who may not need them.
These salespeople exploit seniors’ fears that their estates could be eaten up by probate costs or that distribution of their assets could be delayed for years. They also use financial information obtained from seniors who sign up for living trusts to push the sale of other financial products, such as reverse mortgages and high-commission annuities. Harm caused by trust mills is often not discovered until after a senior has passed away. The Attorney General’s Office Consumer Protection Division has been bringing cases against living trust mills for more than a decade. Read more at atg.wa.gov.
You May Be Able To Avoid Probate
A living trust is one way someone may be able to eliminate the need for probate. This trust holds legal title to your property after your death and will survive you after your death. Always consult a probate lawyer first.
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Latest news about probate cases in Maine and nationwide:
Definition:
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
Personal representative
Definition:
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Power of attorney
Definition:
A legal agreement that authorizes someone to handle or share in handling the financial matters of another person. A "durable" power of attorney can continue to give power to another in handling financial matters after incapacitation has occurred.
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