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Probate Law News
Attorney General Corbett Files Second Suit Alleging "Living Trust" Sales Scheme
Attorney General Tom Corbett today announced that a second civil lawsuit has been filed against the operators of a living trust sales scheme, who are accused of deceiving elderly consumers into purchasing Revocable Living Trusts and other estate planning products that pay the sellers high commissions, but may not be in the consumers' best interest.
The Attorney General's Charitable Trusts and Organizations Section simultaneously filed a motion for special injunction and for preliminary injunction that asks the court to immediately require that the defendants cease all illegal operations until the lawsuits are decided. A Commonwealth Court hearing on the motion is set for 10 a.m. Wed. May 3.
The suit identifies 11 defendants, including Montgomery County lawyer Brett B. Weinstein, who was named in the Attorney General's original October 2004 complaint. Corbett said this latest legal action follows an investigation into additional complaints from elderly consumers, who claimed that they were defrauded by the defendants. Read more at attorneygeneral.gov.
There Is Someone Responsible For Handling The Probate Process
If there is a will, the individual responsible for handling the probate process is called the executor. If there is no will that person is known as the administrator. In either case that individual is responsible for managing the deceased"s estate throughout the entire probate process.
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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?
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Definition:
A legal document that lets others know one's wishes regarding medical care and treatment, funeral arrangements, organ donation, and other health care concerns.
Beneficiary
Definition:
A person designated to receive the income or principal of a trust estate.
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.
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