As an employee benefits broker, it is essential to continuously seek innovative ways to distinguish your services and attract new clients. One powerful approach to achieving this differentiation is by offering pre-paid legal services as an exceptional employee benefit, which can contribute to creating a comprehensive and highly appealing benefits program for your clients.
The distribution of an estate is determined by the terms outlined in the will of an individual as that person passes away. Well-drafted wills provide certainty to those left behind, ensuring that assets and possessions are divided according to the deceased’s wishes.
So, how exactly does a simple will distribute assets? When a person drafts a will, they specify which beneficiaries will receive specific assets or portions of their estate beneficiaries can include family members, charities, friends, or other organizations. How these assets are distributed depends on the language of the will and how the document is structured. Generally speaking, wills are revocable or irrevocable.
As the world becomes increasingly digital, employers must adapt quickly to changes to remain competitive. An excellent way for companies to attract new employees is to provide them with pre-paid legal services. Such benefits help provide solutions to common legal challenges that anyone can face. Here are four reasons why employees want this type of benefit.
Products such as refrigerators and washing machines can be very expensive to repair. Therefore, it is a brilliant idea to ensure repair work coverage when buying these products. Warranties are intended to provide protection and peace of mind for your purchase. Unfortunately, people do not always read the warranty carefully before they buy it. Here are some essential things you need to look for in the warranty.
People who need government services routinely get frustrated by the process. They think taxpayers should be able to walk into a public agency and have no problem getting the help they need. It does not always happen, and a person thinks that is because public employees do not care. We suggest that is not the real reason. A major problem lies in the paperwork. People routinely make mistakes in filling out necessary forms. Here are four major ones:
Young employees live in the present and are not always concerned about the future. They are a group that thinks they will not die or what will happen to their assets once they are gone. Drafting a will is the last thing on their bucket list, which is unfortunate.
They do not understand why they should draft a will because that is something older folks do. However, creating a will at a younger age is a brilliant idea and shows an appreciation of being aware of the benefits of having that document.
Assets such as life insurance policies, collectibles, and securities are purchased as young employees make money on the job. These things are left behind when a person dies and are essential to determine how an estate is distributed, no matter how small the holdings might be. Lack of a will means that the loved ones of beneficiaries are caught in a world of probate confusion. Nobody wants that.
Many employees rent the place where they live. It can be a house, condominium, or an apartment and any of these will require a lease being signed. That is a legal document between the tenant and the landlord that outlines obligations both sides must meet. Unfortunately, many people who are in a rush to rent will sign a lease without reviewing it first. That is a mistake. There are sections of a lease that need to be looked at prior to signing.
A living will is a legal document that outlines an individual’s wishes for medical treatment if they cannot communicate their desire due to injury, illness, or incapacity. It guides medical professionals and family members during times of crisis. It must be carefully drafted to ensure it accurately reflects the individual’s wishes and covers all possible scenarios. Some features must be there in the document.
1. Clear Statement of Intention
The first and most important aspect of living will is a clear statement of intention. It is a statement that the document is a living will and that it is being executed voluntarily and without coercion. The individual must state they are of a sound mind and understand the implications of the decisions.
Group legal plans will offer services that help employees manage everyday legal situations. For example, the vendors will assist in drafting simple wills and living wills. Sometimes, the language could be more straightforward. For example, a plan member might need help figuring out who is an executor instead of someone who has medical powers of attorney since both are legal positions. Here are the differences.
A simple will is a testament to what a person wants to be done with their estate once they have died. The document is no more than six pages long and, if properly drafted, will ensure a person’s wishes are fulfilled. However, some things need to be in the paperwork to make the document better enforceable. Here are some improvements a person can make to a simple will that ensures their wishes are carried out as intended. These improvements include:
- Alternative beneficiaries should be there. It’s vital to name alternative beneficiaries in case the primary ones died before the testator or are unable or unwilling to inherit their portion.
- The will ordinarily distributes the estate in equal shares among the beneficiaries. If the testator wants to leave specific amounts of money or assets to particular individuals or organizations, these must be included in the simple will.
- An executor has to be appointed so that the terms of the will are carried out. That person must be someone who is both competent and trusted.
- Provisions for minor children. This is essential if the testator has little children since their care and guardianship need to be provided if both parents pass away.
- Tax implications are going to play a role in estate distribution. Therefore, it is essential to consult with an attorney or accountant to be sure that the estate is structured in a tax-efficient way.
- Regular updating. Drafting a will is one thing, and maintaining it is another. Regular updates will make necessary corrections due to marriages, divorces, changes in assets, births, or deaths of any beneficiaries.