The Attorney General of Minnesota warns public about living trust mills.
Consumers have been warned by the Minnesota Attorney General that living trust mills are a scam designed to target residents for sales efforts on unnecessary insurance policies and annuities that can be costly.
A living trust mill is a company that provides a form, one size fits all trusts. Consumers are often sold on the products by being offered a free dinner where a speaker proceeds to tell attendees that horrible things will happen after they pass away if they do not have a living trust. The Attorney General advises that consumers do not sign the living trust documents.
Consumer Affairs reported on this warning in “Consumers cautioned about ‘living trust mills’.”
It is important to note that not all living trusts are bad or a scam. They can be extremely useful estate planning documents that help distribute assets of your estate and keep your estate out of probate.
Before getting a living trust it is advisable to see an estate planning attorney who can help you understand if a trust is your best estate planning choice or whether another option would be better.
Reference: Consumer Affairs (April 22, 2016) “Consumers cautioned about ‘living trust mills’.”
