Estate planning can be one of the most important yet overwhelming tasks in life. For many people, creating wills and trusts is essential to ensuring that their assets are distributed according to their wishes and their loved ones are cared for after they pass away. However, the legal processes involved in drafting these documents can be complicated and expensive, often discouraging individuals from taking the necessary steps to secure their estate.
This is where the Hyatt Legal Plan, offered through MetLife, steps in. It offers a simple, affordable way to handle the complex aspects of estate planning, making wills and trusts more accessible to individuals and families. In this post, we'll explore how the Hyatt Legal Plan simplifies wills and trusts, the benefits of using the plan for your estate planning needs, and what to expect when working with attorneys in the plan's network.
Before diving into how the Hyatt Legal Plan simplifies these processes, it's important to understand why wills and trusts are so crucial in estate planning:
Wills: A will is a legal document that specifies how you want your assets distributed after your death. It also designates guardians for minor children, instructions for handling your remains, and any other post-death wishes. Without a will, your estate will be distributed according to state laws, which may not reflect your preferences.
Trusts: A trust is a legal arrangement where you transfer ownership of your assets to a trustee, who manages them on behalf of your beneficiaries. Trusts can be used to avoid probate, minimize estate taxes, and provide for loved ones over time. They are particularly useful for larger or more complex estates.
Without proper estate planning, your loved ones could face lengthy probate processes, costly legal fees, and potential disputes over your assets. This is why having well-prepared wills and trusts is so vital.
The Hyatt Legal Plan simplifies the process of creating wills and trusts by providing access to experienced attorneys who specialize in estate planning. For a flat monthly fee (usually between $10 and $30), you can get comprehensive legal services related to estate planning, including:
Drafting Wills: Whether you need to create a new will or update an existing one, the Hyatt Legal Plan covers the entire process. This includes working with an attorney to ensure that your will reflects your current wishes, protects your assets, and is legally sound.
Living Wills: A living will, also known as an advance healthcare directive, allows you to specify your medical treatment preferences in case you become incapacitated. The plan covers the drafting and updating of living wills, ensuring that your healthcare decisions are clearly outlined.
Trusts: The plan covers the creation of trusts, including revocable and irrevocable trusts. These legal tools allow you to transfer assets, minimize probate, and protect your beneficiaries from potential legal disputes or estate taxes. The Hyatt Legal Plan provides guidance on which type of trust is right for your situation.
Powers of Attorney: Powers of attorney allow you to appoint someone to make financial or healthcare decisions on your behalf if you become unable to do so. The Hyatt Legal Plan covers the preparation of these essential documents, which complement your will and trust to create a comprehensive estate plan.
Attorney Consultations: The plan allows you to consult with an attorney as often as needed throughout the estate planning process. Whether you have questions about the legal implications of your will or need advice on how to structure a trust, the Hyatt Legal Plan gives you unlimited access to legal counsel without additional fees.
The process of creating wills and trusts with the Hyatt Legal Plan is designed to be straightforward and stress-free. Here's a step-by-step look at how the plan simplifies estate planning:
The first step is to enroll in the Hyatt Legal Plan, which is typically offered as part of an employer's benefits package. Once you've signed up, you'll gain access to the plan's network of over 14,000 attorneys nationwide.
After enrolling, you can use the online portal to search for an attorney who specializes in estate planning in your area. The portal allows you to filter attorneys based on location, area of expertise, and user reviews, helping you find the best fit for your needs.
Once you've selected an attorney, you can schedule a consultation to discuss your estate planning goals. During this consultation, the attorney will:
The consultation is covered under the Hyatt Legal Plan, meaning there are no extra fees for this initial meeting.
After the consultation, the attorney will begin drafting your will, trust, and any other necessary estate planning documents (such as powers of attorney or living wills). You'll have the opportunity to review these documents and make changes as needed.
One of the key advantages of the Hyatt Legal Plan is that it covers all document preparation and revisions. This means you can update your will or trust over time as your circumstances change, without incurring additional costs.
Once you're satisfied with the final drafts, the attorney will guide you through the process of signing your documents. Wills and trusts must be signed in the presence of witnesses and notarized to be legally valid, and the attorney will ensure that all legal requirements are met.
The attorney may also provide advice on where to store your documents, such as in a secure home safe, with a trusted family member, or in a lawyer's office. This ensures that your estate planning documents are easily accessible when needed.
Life circumstances often change, and it's important to update your will or trust accordingly. The Hyatt Legal Plan allows you to consult with your attorney whenever changes are necessary, whether it's due to a marriage, the birth of a child, a divorce, or significant changes in your financial situation.
Because the plan covers updates to your estate planning documents, you can rest assured that your will and trust will always reflect your current wishes.
One of the biggest advantages of using the Hyatt Legal Plan for wills and trusts is the significant cost savings. Estate planning services can be expensive when handled on a case-by-case basis. Here's a breakdown of typical costs compared to what you'll pay with the Hyatt Legal Plan:
Without the Plan: The cost of drafting a will typically ranges from $300 to $1,000, depending on complexity. Trusts can cost anywhere from $1,000 to $3,000 or more. Legal consultations alone often range from $150 to $500 per hour, and updates to your estate plan can incur additional fees.
With the Hyatt Legal Plan: By paying a flat monthly fee (usually between $10 and $30), you'll have access to all the legal services you need for wills, trusts, powers of attorney, and consultations. There are no additional fees, no matter how many revisions or consultations you require.
Over time, the cost savings can be substantial, especially for individuals with complex estates or those who anticipate needing ongoing legal support for updates to their estate plan.
One of the most stressful aspects of estate planning is navigating the legal terminology and processes involved in drafting these important documents. The Hyatt Legal Plan eliminates the guesswork by providing expert legal guidance every step of the way. Attorneys in the plan's network are pre-vetted and specialize in estate planning, so you can be confident that your will and trust are legally sound and tailored to your specific needs.
This expert guidance also helps to minimize the risk of errors or disputes over your estate after your passing. Wills and trusts that aren't properly drafted or witnessed can be contested in court, leading to delays and legal battles for your loved ones. By working with an experienced attorney through the Hyatt Legal Plan, you ensure that your estate planning documents are legally binding and enforceable.
Estate planning doesn't have to be overwhelming or expensive. The Hyatt Legal Plan simplifies the process of creating wills and trusts, providing expert legal guidance at an affordable price. Whether you're just starting your estate plan or need to update existing documents, the plan offers a convenient, stress-free way to ensure your assets are protected and your loved ones are taken care of.
With the Hyatt Legal Plan, you'll have peace of mind knowing that your estate planning needs are covered—without the worry of high legal fees or complicated legal processes.