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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.
It Is Not Wise To Handle Probate Without A Lawyer
Probate is a very complicated and formal process. There are no requirements to use a lawyer, but it is not wise to do so. Even the smallest detail that is missed or left out can cause everything to come to a halt, exposing everyone to liability.
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Definition:
A property held in joint tenancy is owned by two or more people who have an undivided interest in the property, and the interest continues even after the other owners die.
Property
Definition:
The money a person has and the things a person owns.
Estate
Definition:
All of the property owned by a person, including real estate and personal property.
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