045: Group Legal Plan

045: Group Legal Plan

Continuing discussion about employee benefits and how to maximize your options. Today I want to talk about:

TAKING ADVANTAGE OF A GROUP LEGAL PLAN

This is a fairly new employee benefit that more companies are offering. A group legal plan provides access to a network of attorneys who provide various legal services at discounted rates.

An employee usually pays for this benefit with payroll deduction.

The No. 1 reason I like group legal plans is because you can get basic estate planning documents drafted for a reduced fee.

I highly recommend that all of my clients work with an attorney to get at least these three documents prepared:

  • A will, which outlines what to do with your property after you die.
  • A durable power of attorney for financial matters, which indicates who will make financial decisions on your behalf if you’re incapacitated.
  • An advanced healthcare directive, which indicates who will make medical decisions on your behalf if you’re incapacitated.

It’s time for you to check out if your employer offers this kind of benefit.

 
Anna Sergunina
anna@adviceonly.net

I passionately believe that in order to live a life of fulfillment and joy, we must genuinely serve each other in any way possible. I found my mission in life to serve others via financial planning. Anna regularly writes about personal finance. Her work appears on Business Insider, Nasdaq, Nerdwallet, among others. Anna is the creator of Money Flow system.

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