We currently have a will, but would a trust be a better option?

A trust is no better than a will and vice-a-versa. Trusts and wills are tools used by an attorney to accomplish your testamentary goals. In fact, many wills contain trust and just because you have a trust doesn't mean that you don't need a will. A trust is defined as a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. A will is defined as a legally enforceable declaration of how a person wishes his or her property to be distributed after death. In a will, a person can also recommend a guardian for his or her children. I strongly urge you get advice from a lawyer to discuss your estate plan as creating trusts may be very tricky.

In some states (for example, California, which is where I practice), it is much more expensive to "settle" a will than to "settle" a trust - that is, to administer the estate after the person dies. So in California, at least, a trust is a better alternative for most people. Living trusts have other advantages over wills, too: for example, a will does not come into effect until you die. A trust, on the other hand, comes into effect immediately. It is usually set up so that someone else immediately comes in to manage your property if you become incapacitated or die. If you don't have a trust, it might be necessary for someone to petition the court to become your "conservator" (called a "guardian" in some states) to manage your finances. That usually takes time - so your finances might be unmanaged for 30 or 45 days pending appointment of the conservator/guardian. Imagine what a disaster that might have been a few months ago when the stock market was falling like a rock - no one would have been able to manage your securities. Likewise, in the event of your death, the "executor" (the person you name in your will to manage your finances, etc.) cannot legally act on your behalf until s/he has been formally appointed by the Court. Again, that takes a minimum of 30 - 45 days. There are numerous other differences between a will and a trust. I think it's a mistake to use an online program to prepare these documents. They are not "expert systems" and don't know how to ask you relevant questions that you haven't though of yourself. I compare it to going to a doctor and telling him/her you want your appendix removed because you read all the symptoms on line & know that's what you need. The doctor isn't going to just say "okay" and schedule you for surgery. S/He's going to literally poke you in several places and ask you a lot of questions to figure out if your appendix is really the problem or if there's something else that could be causing the symptoms. At the very least you should meet with a competent estate planning lawyer about your situation. Most E.P. lawyers offer a free 30 - 45 minute consultation. You can decide whether your situation truly is simple enough that you can do it yourself (remember, the problem with doing it yourself is that the problems might not be discovered until you're gone -- and then they can't be fixed!). This information is not intended to substitute for professional legal advice and does not create an attorney-client relationship. You should accept legal advice only from a licensed legal professional with whom you have an attorney-client relationship.