Beware of Trust Mills

A Trust Mill is a service that lures seniors and others into paying significant amounts of money for a revocable living trust-based estate plan. However, the client never sees a real attorney, and the estate plan produced is simply ‘boilerplate’ language with wrong, missing or incomplete information. 

You should always talk face to face with the attorney working on your estate plan, and make sure you are able to meet with the attorney to discuss the specifics of your plan, review drafts and ask questions. Otherwise, your plan will not likely work the way you want it to work.

Yesterday, the Minnesota Attorney General charged a trust-mill company with alleged fraud. Read the story here. There is nothing wrong with going to dinner seminars, but be careful who you choose to work with. Always check the company and/or individual credentials. and go with your gut. If something doesn’t feel right, it probably isn’t.