You've worked hard for your money, so it's no wonder that you'll want some control over what happens to your assets in the event of your death. At the very least, you probably want to minimize or avoid potential hassles and headaches for your loved ones.
Many consumers turn to experts in estate planning for help in directing what happens to their assets after they die. There are several strategies consumers can choose from to make sure that their assets are distributed as they wish and in a timely way. Unfortunately, there also are scam artists who prey upon misinformation and misunderstanding about estate taxes and the length or complexity of probate.
Some unscrupulous businesses advertise seminars on living trusts or send postcards inviting consumers to call for in-home appointments to learn whether a living trust is right for them. Others sell living trust "kits" they never deliver, and still others use estate planning services to gain access to consumers' financial information and to sell them other financial products.
The Federal Trade Commission (FTC), the government agency that works to prevent fraud, deception and unfair business practices in the marketplace, advises consumers to proceed with caution. Before you sign any papers to create a will, a living trust, or any other kind of trust, the FTC suggests that you:
For more information about living trusts and estate planning, including a list of the "terms of art" and their definitions, consumers can call the FTC toll-free, (877) FTC-HELP, and ask for the publication, Living Trust Offers: How to Make Sure They're Trustworthy.
Source: Federal Trade Commission