Protecting Your Assets with Group Legal Benefits 

If you want to make sure your assets are protected both during and after your life, you may want to consider having a trust prepared.

A common misconception is that trusts are created only for the wealthy. This is simply not the case. Trust preparation is for anyone who wishes to distribute property during/after his or her lifetime. This is especially important for parents of young children who want to make sure they provide for them in every situation. 

Essentially, trusts are designed to manage your valuable assets. A trust can be created as part of a will or as a separate document known as a living trust.

The three parties involved in the creation of a trust are: 

• The trustor who owns the assets going into it
• The beneficiary who receives the benefit of it
• The trustee who is in charge of administering it

Trusts are grouped into two separate categories. Both essentially serve the same function but they operate on different timetables.

1. Testamentary trust: is part of a will and transfers property to the beneficiary after the death of the trustor who wrote the will. It may have to go through probate, which can be a lengthy and costly process.

2. Living trust: often used to avoid the probate process, this takes effect during the life of the trustor. Most are revocable, meaning the trust can be changed or revoked at any time during the creator’s life. However, some are irrevocable, so you need to make sure you are creating the right kind.

Your Legal Plan Can Help

If you want help protecting your assets, it’s a good idea to hire a lawyer. Group legal plans make this kind of consultation affordable and easily accessible. Just pay one low monthly fee and get access to an entire network of attorneys for your most common legal needs.

• If your employer offers a Hyatt legal plan, click here to learn more about coverage available when you enroll. (Your employer can provide the password needed to access this site.) If you are unsure whether your employer offers a Hyatt legal plan, please contact your benefits or HR department to find out.

• If you are a legal plan member, access your plan to review coverage.

• You may also call the Client Service Center at 800-821-6400 for more information on covered services.

Please note: Some matters, including employment-related matters, are excluded. View terms of service.

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This article is intended to provide you with general information. This article is not intended to provide, and should not be relied upon for, legal advice. If you require legal advice, please consult with your own attorney.