MMC Benefits Handbook
Wills and Estate Planning
Living Trusts
This service covers the preparation of a living trust. It does not include tax planning or services associated with funding the trust after it is created. A living trust or "inter vivos trust," is a method of managing your property before you die. A living trust can provide for someone else to manage your property should you wish them to. A living trust may speed the distribution of your property when you die and may keep the property from going through probate. This service, unlike probate, lets you keep private how you want your property distributed.
Living Wills
This service covers the preparation of a living will. A living will is a legal document that instructs your family and doctors to use or not to use extraordinary life support procedures should you be unable to tell them yourself.
Powers of Attorney
This service covers the preparation of any power of attorney when you are granting the power.
Probate at 10% Network Discount
Subject to applicable law and court rules, plan attorneys will handle probate matters at a fee 10% less than the plan attorney's normal fee. It is your responsibility to pay this reduced fee and all costs. When you die, legal procedures are required to administer your estate and transfer your property. Administration of your estate involves gathering your property, paying your legitimate debts, paying any death-related taxes and distributing the property according to the terms of your will or, if there is no will, according to the laws of inheritance in your state. One legal procedure to manage an estate is called probate.
Wills and Codicils
This service covers the preparation of a will. The creation of any testamentary trust is covered. The benefit includes the preparation of codicils and will amendments. It does not include tax planning. A will is a legal document prepared and executed during one's life to provide instructions about the division of one's property upon death. A properly written will allows you to designate who will care for your minor children, who will inherit your property and who will handle your affairs after your death. For many people, a will is the most important document they will execute in their lifetime. The significance of a will depends less on the size of the estate than on the kinds of property left or on the matters to be taken care of upon death.
A codicil is a document that changes some parts in an existing will or adds new instructions to it. A codicil is prepared only if the desired change is minor. When a major change is to be made, a new will is prepared.