{"id":6938,"date":"2025-10-28T10:30:11","date_gmt":"2025-10-28T14:30:11","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=6938"},"modified":"2025-10-28T10:30:13","modified_gmt":"2025-10-28T14:30:13","slug":"senior-financial-exploitation-living-trust-scams","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/senior-financial-exploitation-living-trust-scams\/","title":{"rendered":"Senior Financial Exploitation: Living Trust Scams"},"content":{"rendered":"\n
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It\u2019s a common idea that probate<\/a> should be avoided at all costs. And that a revocable living trust is the way to get around probate. Some people are packaging these ideas and marketing them.<\/p>\n\n\n\n

You might receive an invitation to a free seminar, or an event at a local home, where a living trust is being sold. Before buying in, it\u2019s best to seek an attorney\u2019s opinion on whether it really makes sense for you.<\/p>\n\n\n\n\n\n\n\n

First, What Is a Trust?<\/h2>\n\n\n\n

It\u2019s a written legal instrument. It handles your assets instead of letting the probate court do that after your death. While you are living, you transfer property into the name of the trust. If you\u2019re transferring real estate, you\u2019ll create a new deed to transfer the property into the trust. The trust needs bank accounts under its own name.<\/p>\n\n\n\n

Generally speaking, you keep control over the assets placed in the trust. When you pass away, your assets will go to the beneficiaries you named in your trust, according to the terms it lays out.<\/p>\n\n\n\n

You or someone you designate oversees the trust. A revocable <\/em>trust can be changed or terminated at any time while its creator is living.<\/p>\n\n\n\n

Life estate deed or living trust<\/em><\/strong><\/a>: which is best for an older adult\u2019s home?<\/strong><\/em><\/p>\n\n\n\n

What the Scammers Tell Seniors<\/h2>\n\n\n\n

Older adults sometimes think they might need a trust to put their affairs in order. Living trust marketers tap into that concern.<\/p>\n\n\n\n

These marketers often tell seniors that avoiding probate will save them from high court fees and save their heirs from stress and delays.<\/p>\n\n\n\n

The promoters might insinuate that a living trust can shield assets against assisted living companies and other creditors. They might promote revocable living trusts by saying they\u2019re tax-advantaged, or that they ensure an elder\u2019s estate plan won\u2019t be challenged. But a will can be an effective tax-saving instrument. As for saving money on probate court fees, a revocable trust will bring fees of its own. You\u2019ll pay for the drafting work, possible fees for the transfer of assets into the trust, and ongoing administration and accountants\u2019 fees.<\/p>\n\n\n\n

What the Scammers Won\u2019t Tell Seniors<\/h2>\n\n\n\n

Here\u2019s what they don\u2019t say:<\/p>\n\n\n\n