Utilizing Group Legal Benefits To Plan For The Future
Estate Planning is an essential part of planning for the future that can save a lot of headache down the road. The first priority is writing a Last Will and Testament. Members of Legal Club’s Family Legal Plan and Family Protection Plans receive a FREE Simple Will and access to a plan attorney for help completing it if needed.
With a legal will, you can determine the fate of your house, your valuables and even the guardianship of your dependent children. Certainly if you have dependent children you do not want to leave things up to probate court. Naming a legal guardian in a will allows you to decide.
A will helps avoid potential disagreements among your beneficiaries by providing instructions from you explicitly naming who should receive your property and assets such as real estate, money in bank accounts, stocks and bonds, artwork, jewelry and other valuables. It also names an executor to handle the distribution of your property and arrange for the payment of debts and taxes. This reduces the cost of probate court, avoids unnecessary taxes and fees, and ensures a more efficient transfer of assets. Without a will, the process is handled by a court-appointed administrator and can take a long time to track down and manage all your assets, negatively impacting your beneficiaries.
For some people, setting a up a trust is a valuable part of a well-crafted estate plan. There are many types of trusts but, in general, a trust is traditionally used for minimizing estate taxes and providing more specific control of the distribution of assets.
When establishing a trust you’ll transfer legal ownership of your assets to the trust itself, and appoint a trustee to manage the assets. The trust can give you greater control over your assets as you can specify who gets what and when, such as releasing funds to your children when they reach a certain age.
Since trusts usually avoid probate, your beneficiaries may gain access to assets more quickly. If it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due.
Group Legal Plans from Legal Club provide free online legal forms and access to plan attorneys, everything needed to assist you in making estate planning part of your future planning.
To learn more about the group legal plans offered by Legal Club, browse this website or call us at 800-305-6816.
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