LEGAL INSURANCE ACCEPTANCE
Many large employers offer legal insurance as an employee benefit. Two of the major insurance benefits offered are Hyatt Legal Plans (a MetLife company), www.legalplans.com, and ARAG, www.araglegal.com. I am a panel attorney for both Hyatt Legal Plans and ARAG. This means that I accept both insurances. The cost of the premiums you pay to Hyatt Legal Plans or ARAG is a fraction of the cost of a complete estate plan. There are no deductibles with either plan. Your out-of-pocket cost can be as low as $200. Both plans cover all of the estate planning documents you need.
Signing up for this employee benefit and using the legal insurance is absolutely the most affordable way to get estate planning done.
For an additional charge of $249 (as of July 2016) you can add your parents and in-laws to your Hyatt Legal Plans coverage. This is a great way for them to get their estate planning documents prepared or amended.
Both Hyatt Legal Plans and ARAG cover amendments to existing estate planning documents.
Hyatt Legal Plans and ARAG also cover the legal fee for a lawyer to file a guardianship for your disabled adult child.
PERSONAL LEGAL INSURANCE
ARAG offers insurance for individuals as well (www.araglegal.com). Your out-of-pocket cost can be as low as $450 or as high as $800, depending on what premium plan you choose and what estate planning documents you have prepared. This is still a great savings over the cost of estate planning.
ARAG also covers the legal fee for a lawyer to file a guardianship for your disabled adult child when you get the individual insurance policy.
There are some extra costs that are not covered by Hyatt Legal Plans or ARAG:
- Filing fees (may be applicable to a guardianship)
- Process serving fees (applicable to a guardianship)
- Recording fees for deeds, if any (generally $15 per deed)
- Paperwork to handle more than 2 pieces of property