Employee benefits - group legal plan

[+ FrankR]

Its that time of year... Employees can select the benefits they want to sign up for through payroll deduction for 2019. My employer offers a choice of two group legal plans. You sign up, pay a flat fee and gain access to a network of attorneys for a wide range of legal services. This year I am thinking about it for the first time...should probably update my will, power of attorney etc and this seems like a cost efficient solution.

 

Do any of you gents have experience with these plans? Recommend or not?

 

Thanks!

[Lawkid3889]

I am a NY licensed attorney and when I was in law school a few years ago I interned with an estate planning attorney who was part of a panel of attorneys for a group legal plan. I can tell you that if you required a “complex will” that there was an additional charge so I would just read the fine print on the fees and upcharges to make sure you are getting a good deal. We also did prenups and post nups

 

In addition, as a former Trusts and Estates attorney, we always recommended the client allow us to keep the will for safekeeping in our bank vault (no charge but obviously our firm would be in mind for the eventual probate) to avoid loss, fire damage etc. This practice is up for debate among attorneys but these group legal service providers may not even give you the option.

[Beancounter]

I am a NY licensed attorney and when I was in law school a few years ago I interned with an estate planning attorney who was part of a panel of attorneys for a group legal plan. I can tell you that if you required a “complex will” that there was an additional charge so I would just read the fine print on the fees and upcharges to make sure you are getting a good deal. We also did prenups and post nups

 

In addition, as a former Trusts and Estates attorney, we always recommended the client allow us to keep the will for safekeeping in our bank vault (no charge but obviously our firm would be in mind for the eventual probate) to avoid loss, fire damage etc. This practice is up for debate among attorneys but these group legal service providers may not even give you the option.

This is very sage advice. I had a complete set of legal documents prepared for me including a revocable trust with incapacity clause, will, appointment of guardianship, power of attorney, medical directives, etc. A legal services plan thru my employer only covered preparation of a simple will. If a simple will is all you require then sign up for the legal plan. However, if your financial and medical situations are more complex secure the services of a good estate/trust attorney. Otherwise the State will decide for you what happens.

 

I’ve seen what a couple of my friends have had to go through without these documents when dealing with other people in their families. It was both time consuming and expensive.

[+ FrankR]

I am a NY licensed attorney and when I was in law school a few years ago I interned with an estate planning attorney who was part of a panel of attorneys for a group legal plan. I can tell you that if you required a “complex will” that there was an additional charge so I would just read the fine print on the fees and upcharges to make sure you are getting a good deal. We also did prenups and post nups

 

In addition, as a former Trusts and Estates attorney, we always recommended the client allow us to keep the will for safekeeping in our bank vault (no charge but obviously our firm would be in mind for the eventual probate) to avoid loss, fire damage etc. This practice is up for debate among attorneys but these group legal service providers may not even give you the option.

Thanks for the heads-up; I will review the plan coverage. My stuff isn't particularly complex.

[+ FrankR]

This is very sage advice. I had a complete set of legal documents prepared for me including a revocable trust with incapacity clause, will, appointment of guardianship, power of attorney, medical directives, etc. A legal services plan thru my employer only covered preparation of a simple will. If a simple will is all you require then sign up for the legal plan. However, if your financial and medical situations are more complex secure the services of a good estate/trust attorney. Otherwise the State will decide for you what happens.

 

I’ve seen what a couple of my friends have had to go through without these documents when dealing with other people in their families. It was both time consuming and expensive.

I am probably being cheap...as a bona fide bean counter, may I assume you can relate??

[Kevin Slater]

Thanks for the heads-up; I will review the plan coverage. My stuff isn't particularly complex.

 

Yup, sounds pretty straight forward. Just make sure they get it right: 100% to K-E-V-I-N S-L-A-T-E-R.

 

Kevin Slater

[Rudynate]

When I started my own practice, I considered doing contract work for the firm that handled most of the business for one of the prepaid legal plans. I searched yelp reviews of this firm and found one bad review after another, most of them from subscribers to this particular plan.

[KeepItReal]

I am a NY licensed attorney and when I was in law school a few years ago I interned with an estate planning attorney who was part of a panel of attorneys for a group legal plan. I can tell you that if you required a “complex will” that there was an additional charge so I would just read the fine print on the fees and upcharges to make sure you are getting a good deal. We also did prenups and post nups

 

In addition, as a former Trusts and Estates attorney, we always recommended the client allow us to keep the will for safekeeping in our bank vault (no charge but obviously our firm would be in mind for the eventual probate) to avoid loss, fire damage etc. This practice is up for debate among attorneys but these group legal service providers may not even give you the option.

I read somewhere the other day that more than 75% of the world's lawyers reside in the USA. Fact or fiction do you perhaps know?

[rvwnsd]

Based on the documentation provided by the plan offered through my employer, the plan seems to be best if you want the ability to ask a legal question or have simple documents prepared.

[+ FrankR]

Yup, sounds pretty straight forward. Just make sure they get it right: 100% to K-E-V-I-N S-L-A-T-E-R.

 

Kevin Slater

Got it! Leaving you my most prized possessions - my extensive library!

 

 

 

[Beancounter]

I am probably being cheap...as a bona fide bean counter, may I assume you can relate??

Yes, I’m frugal but there are times in life when spending money makes good sense. It is prudent to spend money for good legal and tax advice if your situation warrants it.