Estate planning tools allow individuals to prepare and decide regarding their estates, such as living trusts. This type of legal document could help with asset management and property distribution according to the terms of the agreement. Its usefulness makes it an attractive option, especially for seniors seeking assistance with their estate. However, con artists could exploit their interests and sell fraudulent living trusts.
These trust scams use elaborate strategies to convince individuals to purchase living trusts when they might be inappropriate. Some estates could be unfit for living trusts because their costs could outweigh their benefits, causing buyers losses in the long run. Also, these fraudulent trusts might have poorly drafted agreements, affecting their validity and enforceability.
Fortunately, anyone could take the following measures to avoid falling prey to these schemes:
- Do not give in to high-pressure sales tactics and consult a licensed professional first, such as an attorney specializing in estate planning.
- Avoid deals that promote living trusts as the absolute estate planning tool. It is a misleading statement. Other estate planning tools could be more beneficial based on the buyer’s circumstances.
- Do not sign any documents unless reviewed by a lawyer, more so when the representative uses legal terms that are difficult to understand.
- Verify the legitimacy of the firm on local registries or with credible associations.
- Review potential options to change or terminate the agreement if any issues arise later.
Additionally, family members could help protect their elder relatives by monitoring the sales representatives who approach them. Doing so could help determine who might be taking advantage of their enthusiasm for estate planning.
Seeking estate planning services from legitimate services only
An estate plan should fit an individual’s needs based on their unique situation. It could require an experienced professional who can customize legal documents based on the individual’s needs. The only way to ensure an estate plan’s legitimacy is by seeking credible services. Doing so could also help prevent losses and avoid legal issues caused by poorly designed or illegitimate living trusts.