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Richard, Attorney
Category: Estate Law
Satisfied Customers: 53721
Experience:  29 years of experience practicing law, including tax and estate planning.
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We have a Revocable Living Trust set up with an Insurance

Customer Question

We have a Revocable Living Trust set up with an Insurance Co. that also does Estate Planning, called American Providers. Our daughters are afraid that such a Co. may not satisfy all the legal requirements for a Living Trust setup, but that it instead should be made with a Law Firm dealing with Estates and Trusts mainly. Are there cause for concerns here?
Erik P. Jorgensen ***@******.***
Submitted: 7 months ago.
Category: Estate Law
Expert:  Richard replied 7 months ago.

Good morning Erik. My name is ***** ***** I look forward to helping you.

Typically, you would want to work with a lawyer to set up the revocable living trust. The reason for a living trust is to avoid probate and in order to do that, you need to make sure not only to set up the trust, but also to properly transfer your assets to that trust. The problem with an insurance company is two-fold: 1) they have a conflict of interest as they are in the business of selling insurance and typically are more interested in an insurance component than anything else; and 2) unless they are lawyers, if they take part in documenting the transfer of your assets to your living trust, they are practicing law without a license. I would at least, at this point, go to an attorney to make sure you have this set up correctly and that your assets are properly transferred.

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