legalplans - worth it, share your experience

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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stockrex
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Joined: Sat Mar 09, 2019 6:28 pm

legalplans - worth it, share your experience

Post by stockrex » Sat Jan 11, 2020 8:49 pm

I found that some employers in the area offer a legalplan benefit that one can opt for about $16/month.

https://www.legalplans.com/wp-content/u ... -FINAL.pdf

gimmick? do you get a fresh graduate atty who not very experienced? what gives?

student
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Re: legalplans - worth it, share your experience

Post by student » Sat Jan 11, 2020 9:54 pm

Both my colleagues and myself have used them for setting trusts and we are satisfied.

jackholloway
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Re: legalplans - worth it, share your experience

Post by jackholloway » Sun Jan 12, 2020 2:59 am

I had a will drawn up by a Hyatt lawyer. It was ok, but rather boilerplate. I expect that a more experienced lawyer would have asked more questions about what we wanted from our trust, but it met our requirements, and was a lot better than not having a will. Our lawyer was fairly new, and had we not done a bit of prep work - reading "beyond the grave", roughing out our requirements, putting together a couple of scenarios we wanted covered - we might not have gotten what we wanted.

We were happy enough that we have recommended the firm to a couple of family members.

Planner01
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Re: legalplans - worth it, share your experience

Post by Planner01 » Sun Jan 12, 2020 7:02 am

I used a plan with a highly experienced lawyer. Worth the money since it saved me thousands to draw up a trust.

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RickBoglehead
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Re: legalplans - worth it, share your experience

Post by RickBoglehead » Sun Jan 12, 2020 8:01 am

Planner01 wrote:
Sun Jan 12, 2020 7:02 am
I used a plan with a highly experienced lawyer. Worth the money since it saved me thousands to draw up a trust.
This ^^^

You get to pick from the lawyers in these plans, so pick carefully.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

Topic Author
stockrex
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Re: legalplans - worth it, share your experience

Post by stockrex » Sun Jan 12, 2020 12:06 pm

So I get to pick form their list of attorneys

How about cost, is there any out of pocket costs? or just the monthly premium covers everything?

lowkeytaco
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Re: legalplans - worth it, share your experience

Post by lowkeytaco » Sun Jan 12, 2020 2:08 pm

stockrex wrote:
Sun Jan 12, 2020 12:06 pm
So I get to pick form their list of attorneys

How about cost, is there any out of pocket costs? or just the monthly premium covers everything?
I used Hyatt to choose an attorney to set up an estate plan -- trust, pour over will and medical directive. Approximately $275 was out of pocket to cover filing fees (putting property in name of trust), notary fees, some tax analysis, material costs, etc.

I signed up for the plan for one year, got my estate plan done and didn't re-sign up the following year. With the premium, the overall cost to set up an estate plan seemed like a good deal.

student
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Joined: Fri Apr 03, 2015 6:58 am

Re: legalplans - worth it, share your experience

Post by student » Sun Jan 12, 2020 2:10 pm

stockrex wrote:
Sun Jan 12, 2020 12:06 pm
So I get to pick form their list of attorneys

How about cost, is there any out of pocket costs? or just the monthly premium covers everything?
I did not pay any fees other than filing fee to the county.

mervinj7
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Re: legalplans - worth it, share your experience

Post by mervinj7 » Mon Jan 13, 2020 1:15 pm

stockrex wrote:
Sat Jan 11, 2020 8:49 pm
I found that some employers in the area offer a legalplan benefit that one can opt for about $16/month.

https://www.legalplans.com/wp-content/u ... -FINAL.pdf

gimmick? do you get a fresh graduate atty who not very experienced? what gives?
There are quite a few threads on Hyatt Legal Plans on the forum.
https://www.google.com/search?sitesearc ... yatt+legal

Most folks, including us, had fairly good experiences. We were able to get a will, a living trust, and power of attorney done by a local, well-reputed lawyer. I believe they gave us around 10 choices for local firms and we just choose the best rated one on Yelp. Out of pocket, we had to pay around $400 for notary and court fees, so roughly a $2.5K discount from the rack rate.

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RickBoglehead
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Re: legalplans - worth it, share your experience

Post by RickBoglehead » Mon Jan 13, 2020 1:52 pm

stockrex wrote:
Sun Jan 12, 2020 12:06 pm
So I get to pick form their list of attorneys

How about cost, is there any out of pocket costs? or just the monthly premium covers everything?
Whatever the plan says. Just like a medical plan.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

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