The debate over whether to establish a revocable trust is ongoing.

An advisory opinion on advertising and promoting living trusts for lawyers has been released by the State Bar of Texas. Lawyers are not permitted to recommend a living trust over a Will or the other way around. The advantages and disadvantages of both publications should be disclosed. These con artists, however, are not constrained by such laws.

It's simple enough to fall victim. Consumer fraud in the area of living trust sales is on the rise. Every year, con artists make millions of dollars marketing pointless trusts. Through the purchase of living trusts, thousands of people lose $500 to $5,000 every year. Due to issues with the trusts, families frequently face possibly higher costs when the customer passes away.

How you can safeguard yourself

If you fall victim to a living trust fraud, it is exceedingly challenging to get your money back. So keep in mind these things before you buy, and even better, before you let a salesperson into your home:

1. Give your decision some thought. Avoid being a victim of high-pressure "act now" sales techniques. Avert impulsive purchases.

2. Don't ever accept an offer you don't fully comprehend. Genuine advisors are aware of your need for more details regarding their offerings.

3. The proverb "If it sounds too good to be true, it probably is" applies well here. Often, a trust seems like the perfect answer, but in reality, setting up a trust can cost 4 to 5 times as much as making a decent Will, with no additional benefits.

4. When thinking about an estate plan, seek the counsel of a qualified someone whose opinion you value. Consult your accountant, estate planning lawyer, banker, or other trustworthy financial advisors. Make sure the person you are working with has the required education, training, and experience.

5. If you come to the conclusion that a trust could be the best option for you, work directly with a Texas-licensed lawyer who has a strong background in elder law and estate planning.

Trust-related legislation differ from one state to the next. It is not permitted to customize forms, kits, or computer software to meet Texas legal requirements. A qualified Texas attorney with experience in elder law and estate planning should draft or at the very least review your living trust. Additionally, a trust created by an attorney will typically be less expensive than one sold by a trust salesperson.