The TreeceCo Report
Originally posted on August 8, 2014
We've written quite a bit about estate planning, and the response to our desire to help our clients and friends with this planning and preparation has been overwhelming. It's fulfilling when we are able to help empower people and help them set up their legacy the way they choose.
However I fear that we have opened Pandora's box. Our intentions are pure in educating folks about the advantages of a living revocable trust, but I fear that some people will use this information and seek counsel elsewhere.
Living trusts have become popular and almost any legal or financial professional is familiar with them. However, the living trust has been a party to scams and rip-offs by what I'll call lackluster professionals.
Estate planning done poorly can create a nightmare when you or your spouse pass away; then well-meaning people are victims of lackluster professionals.
Henry Abts, one of the original proliferators of living revocable trusts, asked a respectable attorney why so many bad trusts were being written. The attorney responded that attorneys do not want to refer estate planning business to another attorney for fear that they will lose business.
He went on to analogize that this is like asking your family doctor to perform open heart surgery on your family member. You would never do that, yet many people succumb to lackluster estate planning.
What's more, right here in Cabarrus County under our noses we have probate attorneys who have had high profile allegations of mishandling estates when settling them. Obviously, in the cases I refer to the family either did not have a trust or had a poorly written one.
Sometimes when an attorney wants to unethically make extra money on an estate, they will write a living trust that they know will have to go to probate court when the couple passes away. What happens then? That attorney gets to make more fees from the heirs.
Please, be careful and discerning in who you allow to do your estate planning. If you have questions about this, we would be happy to address them even if you do business elsewhere. Our desire is to help spare you and your family from the agony of probate.
The TreeceCo Team
Questions? Call 855.534.4653 or Email info@TreeceCo.com