Elderly Estate Planning Services

State of California, Sep 27, 2006

Should I be cautious in how I select financial or estate planning services?

Yes. Some self-proclaimed “trust specialists” and financial planning “experts” have no advanced training or qualifications in estate planning. And these so-called experts may have ulterior motives. For example, they might be seeking to gain access to your personal financial information to sell you insurance-based products, such as annuities, which may not be appropriate for you.

Before considering a living trust or any other estate or financial planning document or service:

• Consult with a lawyer or other financial advisor who is knowledgeable in estate planning. Check out the advisor’s credentials and qualifications. Also, keep in mind that legal document assistants cannot give legal advice and paralegals must work under the direct supervision of a lawyer.
• Ask for time to consider and reflect on your decision. Do not allow yourself to be pressured into purchasing an estate or financial planning product.
• Know your cancellation rights. If you buy an annuity, for example, you have 30 days to cancel it.
• Be wary of home solicitors who ask you for confidential and detailed information about your assets and finances.
• Find out if any complaints have been filed against the company by calling local and state consumer protection offices or the Better Business Bureau.