CAMDEN COUNTY OFFICIALS WARN AGAINST MISLEADING SALES PITCHES ON ‘LIVING TRUSTS’
For Immediate Release: March 4, 2009
Contacts: Ken Shuttleworth (609) 472-8837

There’s no such thing as a free lunch and the creation of a “living trust” is no substitute for a Last Will and Testament, Camden County Surrogate Patricia Egan Jones has warned senior citizens.

Camden County Prosecutor Warren Faulk and Surrogate Jones convened a March 4 news conference because of an increase in the volume of come-ons by individuals portraying themselves as financial advisors or retirement counselors. Jones said a brochure warning consumers of these schemes is now available through the Surrogate’s Office by calling (856) 225-7282.

“Advertisements intended to mislead and take advantage of consumers often mischaracterize the Wills and Probate Court process,” Jones said during a news conference at the Barrington Senior Center at which she was joined by County Prosecutor Warren Faulk and a group of seniors.

“These “counselors” offer consumers a ‘free lunch’ where they will supposedly learn how to protect themselves from estate lawyers, probate judges and avoid high legal fees,” Jones explained. “Later, those who attend these lunches are pressured or intimidated into having a living trust prepared – often at a cost of several thousand dollars.”

“While legal costs may run high in some states, it’s not so in New Jersey,” Jones continued. “Here, the paperwork is professionally handled with a high degree of confidentiality, usually at an average cost of $150 or less.”

Also in New Jersey, there is no tax advantage of having a ‘living trust’ instead of a will. “There is no inheritance tax on direct bequests to spouses, immediate family or charities,” Jones said.

Jones and Faulk explained that living trusts are generally a wise option but they must be created for the right reasons and only a person and his or her attorney can truly evaluate that need.

The two officials urged senior citizens to register for free legal workshops held monthly at the Camden County Store in Voorhees or at the Cherry Hill Public Library, where Camden County residents over the age of 60 can acquire, at no cost, a Last Will and Testament, an Advance Directive for Health Care (Living Will), and a Power of Attorney. Call (856) 566-2920 to register.

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