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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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Latest news about probate cases in Georgia and nationwide:
You Can't Take It With You
Death affects people in many ways. It never is timely. Death confronts the family with bereavement, with the need to readjust emotionally and finan... Read more >
Definition:
An amendment to a will. It is a separate document.
Payable on death account (POD)
Definition:
An account, such as a bank account, that is handed over to a specified person upon another person's death.
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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