Estate Planning - One of the Many Ways Group Legal Benefits from Legal Club are Meaningful
Estate Planning may sound exclusive but is an essential part of planning for the future that can save many headaches down the road for everyone. 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 your property's distribution and arrange 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, a court-appointed administrator can handle the process and can take a long time to track down and manage all your assets, negatively impacting your beneficiaries.
For some people, setting up a trust is a valuable part of a well-crafted estate plan. There are many types of trusts, but a trust is traditionally used to minimize estate taxes and provide more specific control of the distribution of assets.
When establishing a trust, you'll transfer your assets' legal ownership 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 that fewer taxes may be due.
Group legal plans from Legal Club provide a wide range of free and discounted legal care, financial, tax, and identity theft benefits. Plans include access to over 85,000 online forms such as Last Will and Testament and Power of Attorney forms. To learn more about the plans offered by Legal Club, browse this website or call us at 800-305-6816.
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