Having an estate plan in place is a must for residents of Ohio. However, you must also be wary of potential scams, which target people through a variety of nefarious means. To ensure you have what it take to recognize common scams, Forbes offers the following advice.
Trust mills
Trust mills tend to pursue people with the goal of arranging a living trust. While trusts are an essential estate planning tool, in this case a person may be paying a large fee for a living trust kit, which promises a one-size-fits-all solution to your estate planning needs. Scam artists will often refer to their trusts as pure or constitutional and may even offer warnings about attorneys looking to prey on their clients.
Scams targeting the elderly
It’s important to have an estate plan in place as early as possible. Not only does it ensure your assets will be protected, it also protects you from estate scams. Scams targeting the elderly take advantage of a person’s diminished mental state, which is often a natural part of the aging process. In some cases, scammers will even have a person sign over property and assets for their own personal gain. Planning early safeguards you against these potential events.
Unnecessary fees
Estate planning documents shouldn’t cost an exorbitant amount to prepare. Excessive legal fees for creating common documents like wills and trusts is a sign of a possible scam, and sometimes one attorney will even undermine the ability of another to obtain extra cash. This highlights the importance of securing quality legal help. The right attorney will provide the inside necessary to protect your estate without incurring outrageous costs.
