info on trusts in place of wills

[eliza123]

What is the name of your state (only U.S. law)? GA

My husband and I are planning on rewriting our wills.
Someone suggested a trust (instead of a will).
We have consulted 2 attorneys who specialize in this field and have
received 2 different opinions.
Through the years we have been involved in wills but have very
little knowledge of trusts for this purpose.
Does anyone know of a few good sites which describe this type of trust?
Pls, don't suggest another attorney. We , of course, but before consulting
with a 3rd, we would like to have a little more information.
Thanks Eliza

[curb1]

Much of your decision will depend on the type of assets you have. For many, the decision will depend upon how you want your assets to pass to the beneficiaries. The trust permits a more seamless transfer which usually avoids probate. Another consideration is the type of beneficiaries (simple, or complex) you will have.

A will can be as efficient as a trust, depending on your particular situation. There is an abundant amount of information on trusts on the web. Google "living trusts", or "revocable trusts" and you will get much information from many sources.

P.S. You very likely could have a will along with a trust

[TrustUser]

hi eliza,

the will one has with a living trust is called a pourover will.

the function of a pourover will is simply to take care of assets that one forgets to place in the trust. this will simply "pours over" these assets into the trust, where it is then shared by the beneficiaries of the trust. it is of somewhat minor importance most of the time.

[TrustUser]

Originally Posted by curb1

Another consideration is the type of beneficiaries (simple, or complex) you will have.

what do you mean by the type of beneficiaries being simple or complex ?

[curb1]

"Simple or complex" beneficiaries. By that I meant that there could be a difference in "transferability" of assets when deciding between a will or trust. The type of beneficiaries can make a difference. Beneficiaries who are in great conflict among themselves can drag an estate through the courts for years at great cost.

I guess what I am suggesting is that it is important to understand the beneficiaries as much as possible and plan accordingly. As opposed to leaving a mess for others to sort. An only child beneficiary of assets would be an example of a "simple beneficiary" as opposed to a bunch of cousins and friends who might not know each other.

[TrustUser]

that is what i kinda figured that you meant.

there is legalese for a trust being simple or complex.

had not even heard of a legal term describing beneficiaries in that way.

but the beneficiary make-up can certainly be more or less complex. and the more they disagree, the worse the estate situation can become, for sure - LOL.

[anteater]

Originally Posted by TrustUser

...but the beneficiary make-up can certainly be more or less complex. and the more they disagree, the worse the estate situation can become, for sure - LOL.

I'm glad that you said "estate situation." And not "probate estate situation."