Legal Question in Wills and Trusts in Georgia
Disclaimer trusts and beneficiary question
My husband and I just did our wills with the help of an estate lawyer. He put a credit shield trust in our wills. As far as beneficiaries go, are we supposed to take our children off as contingent beneficiaries and put some wording regarding the trustee when it come to life insurance policies? We read somewhere that if you have a disclaimer or credit shield trust, you are not supposed to list children as contingent beneficiaries on life insurance. Is this true? If so, what is the correct wording for the contingent beneficiaries? Now that we have this disclaimer trust, we want everything to line up correctly. We are also confused about joint rights of survivorship versus tenants in common. Which one do we use for purposes of the disclaimer trust? Is this type of trust a good idea?
2 Answers from Attorneys
Re: Disclaimer trusts and beneficiary question
The best person to ask is the attorney who prepared the wills. He is already familiar with your situation and should know the ins and outs of the trust, or he shouldn't have the trust in. Ask him your questions. That is what you paid him for. He owes you answers.
Re: Disclaimer trusts and beneficiary question
Your question cannot be answered without a review of your wills and additional information concerning your assets and the likelihood of estate tax exposure. You should consult an attorney to have this done. The attorney who drew your wills owes you answers to the questions you ask, and should have answered them in the course of doing your estate plan. If he/she cannot answer these questions, you should consult another attorney.
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