1. finance
2. personal finance
3. financial planning
4. estate planning

Will Preparation Services
FinancialWellness@Cisco
Presenters:
Scott Knowles, Cisco, Global Benefits
Leslie Young, MetLife
Cindy Lau, Hyatt Legal
Ryan Ruffe, Hyatt Legal
April 15, 2015
Welcome and Session Goals
• Through our partnership with MetLife/Hyatt Legal, walk away with an understanding of:
1) The essentials of a Will
2) FinancialWellness@Cisco resources available to you
The Importance of a Will & Will Prep Services
Prepared for Cisco Systems, Inc.
L0315414008[exp0417][All States][DC]
PEANUTS © 2015 Peanuts Worldwide LLC
ADF# AI-CA-CI-HI571.14
April 15, 2015
Making a Will
Purpose of a Will
The simplest way to ensure that your funds, property and personal effects will be
distributed after your death according to your wishes is to prepare a will.
A will is a legal document designating the transfer of your property and assets
after you die.
Usually, wills can be written by any person over the age of 18 who is mentally capable,
commonly stated as "being of sound mind and memory." Your state may impose
additional requirements.
Plan Ahead
The end of your life is something you probably don't want to dwell on, but thinking about
what will happen to your loved ones and your assets and personal possessions is
important.
Making sure you've done all you can to make their lives easier will give you peace of
mind. And once your will is drafted, you won't have to think about it again unless
something significant in your life changes.
Why do I need a Will?
Although wills can be simple to create, about half of all Americans die without one (or intestate) *
Without a will to indicate your wishes, the court steps in and distributes your property according to the laws of your state.
Wills are not just for the rich; the amount of property you have is irrelevant. A will ensures that what assets you do have will
be given to family members or other beneficiaries you designate.
If you have no apparent heirs and die without a will, it's even possible the state may claim your estate.
Having a will is especially important if you have young children because it gives you the opportunity to designate a guardian
for them in the event of your death. Without a will, the court will appoint a guardian for your children.
*American Bar Association Division for Public Education http://www.abanet.org/publiced/practical/wills.html.
Elements of a Will
Basic elements generally included in a will:
•
•
•
•
•
•
•
•
•
•
•
•
Your name and place of residence
A brief description of your assets
Names of spouse, children and other beneficiaries, such as charities or friends
Alternate beneficiaries, in the event a beneficiary dies before you do
Specific gifts, such as an auto or residence
Establishment of trusts, if desired
Cancellation of debts owed to you, if desired
Name of an executor to manage the estate
Name of a guardian for minor children
Name of an alternative guardian, in the event your first choice is unable or unwilling to act
Your signature
Witnesses' signatures
Two of the most important items included in your will are
naming a guardian for minor children and naming an executor.
Naming a Guardian & an Executor
Naming a Guardian
Naming an Executor
In most cases, a surviving parent assumes the role of
sole guardian. However, it's important to name a
guardian for minor children in your will in case neither
you nor your spouse is able and willing to act.
An executor is the person who oversees the distribution of your
assets in accordance with your will. Most people choose their
spouse, an adult child, a relative, a friend, a trust company or
an attorney to fulfill this duty. You should expect your estate to
pay an independent executor for this service.
The guardian you choose should be over 18 and
willing to assume the responsibility.
Talk to the person ahead of time about what you are
asking. You can name a couple as co-guardians, but that
may not be advisable. It's always possible the guardians
may choose to go their separate ways at some later
date, and, if so, a custody battle could ensue. If you do
not name a guardian to care for your children, a judge
will appoint one, and it may not be someone you would
have chosen.
If no executor is named in a will, a probate judge will appoint
one. Probate refers to the legal procedure for the orderly
distribution of property in a person's estate. The executor files
the will in probate court, where a judge decides if the will is
valid. If it is found to be valid, assets are distributed according
to the will. If the will is found to be invalid, assets are distributed
in accordance with state laws.
Responsibilities usually undertaken by an executor include:
 Paying valid creditors
 Paying taxes
 Notifying Social Security and other agencies and companies
of the death
 Canceling credit cards, magazine subscriptions, etc.
 Distributing assets according to the will
Preparing a Will
Working with your estate planning attorney, start by organizing what you need:
• outline your objectives
• inventory your assets
• estimate your outstanding debts
• prepare a list of family members and other beneficiaries
Use this information to carefully consider how you want to distribute your assets.
Sample Questions for Consideration
Is it important to pass my property to my heirs in the most tax-efficient manner?
Do I need to establish a trust to provide for my spouse or other beneficiaries?
How much money will my grandchild need for college?
Do I need to provide for a child who has a disability?
Benefits of Will Preparation
•
•
•
•
•
Ensures that your property will be distributed exactly as you wish.
Allows a larger portion of your property to go to those you designate, rather than to court fees and other
expenses.
Reduces the expenses associated with probating your estate.
Allows you to appoint a guardian of your choice for your children.
Allows you to appoint a trustee, if needed, to manage your property.
Face-to-Face Will Preparation1
Description
Offers participants and spouses face-to-face will preparation
services through Hyatt Legal Plans’ extensive network of more
than 13,000 participating plan attorneys
Availability
Effective 4-1-15, Cisco has made this benefit available to all employees
 Services included at no cost to you
Noteworthy
Features
−
−
−
−
−
Preparation of will(s) and living will(s)
Preparation of power of attorney
Updating of will(s), living will(s), power of attorney
Preparation of codicils
Convenient face-to-face and telephone consultations with an attorney are available
 Out-of-Network option – up to a $150 benefit
 The Will Preparation Plan does not cover:
– Living Trusts
– Probate
1. Will Preparation is offered by Hyatt Legal Plans, Inc., Cleveland, Ohio, a MetLife company. In certain states, legal services benefits are provided through insurance coverage underwritten by Metropolitan Property and Casualty Insurance Company and
Affiliates, Warwick, Rhode Island. For New York-based cases, the Will Preparation service is an expanded offering that includes office consultations and telephone advice for certain other legal matters beyond Will Preparation. Tax Planning and preparation of
living trusts are not covered by the Will Preparation Service. WillsCenter.com is a document service provided by SmartLegalForms, Inc., an affiliate of Epoq Group, Ltd. SmartLegalForms, Inc. is not affiliated with MetLife and the WillsCenter.com service is
separate and apart from any insurance or service provided by MetLife. The WillsCenter.com service does not provide access to an attorney,
does not provide legal advice, and may not be suitable for your specific needs. Please consult with your financial, legal, and tax advisors for advice with respect to such matters.
Will Preparation: Frequently Asked Questions
What is the Will Preparation service?
This living benefit offers face-to-face and telephone consultations to employees through Hyatt Legal Plans Inc., a MetLife company.
This service fully covers attorney fees for preparing and updating a will when using a participating plan attorney.
What’s included?
Will Preparation covers the participating plan attorney’s fees for employees and their spouses/domestic partners for the following services:
• Face-to-face and telephone consultations with a Hyatt Legal Plans’ participating plan attorney.
• Preparation and updating of wills including testamentary trusts. Even complex wills are covered.
• Preparation of living wills, powers of attorney and codicils.
• Unlimited access to update a will for as long as the employee continues to participate in the MetLife Group Life Plan.
Plus:
• Convenient access to a local attorney.
• Hyatt’s network of over 13,500 participating plan attorneys.
• Hyatt’s award-winning Client Service Center to assist in locating an attorney.
Is there a limit to the number of times a will can be updated?
No. As long as the employee participates in the MetLife Group Plan, the employee and their spouse/domestic partner can consult with
a participating plan attorney as often as they deem necessary to keep their will, living will and power of attorney up-to-date.
Will Preparation: Frequently Asked Questions
How often should a participant review and update their will?
A participant should review their will every 5 to 10 years with an attorney. It is prudent to review a will, living will and power of attorney
whenever a life-changing event occurs such as: marriage, divorce, birth of a child, etc.
What is the average turnaround time to prepare or update a will?
Wills can vary in complexity, but in general are typically produced in approximately a week. The attorney will take as much time as needed to
work with the employee and their spouse/domestic partner to meet their needs.
Are there any hidden fees or charges associated with this service?
No. All attorney fees, when using a participating plan attorney, for preparing and updating a will, living will and power of attorney are
covered under the Will Preparation Service. However, if the attorney is requested to provide additional work that is not fully covered
under this service, the attorney will provide a written fee statement detailing any associated costs in advance.
Will Preparation: Frequently Asked Questions
Will participants be sold any additional services when they meet with a participating plan attorney?
No. Typically participants who utilize the Will Preparation Service do not incur additional costs. The face-to-face consultation option
gives participants the opportunity to ask questions and fully explore the best course of action to meet their needs. During the initial
consultation, the participating plan attorney will recommend and review a plan of action with the participant to determine if any
additional services are required beyond the covered services.
Does this feature provide translation services for participants who may not use English as their primary language?
Yes. Participating plan attorneys have access to translation services and some attorneys have alternate language abilities.
Are participants responsible for storing the executed documents?
Yes. Upon completion of their will, the participant will be provided with the original will by the attorney. It is the sole responsibility of the
participant to store the will in a safe place. The participating plan attorney will provide advice to the participant on how to properly
store the will.
How do participants access this service?
Easy & Convenient
• Participants call a toll-free telephone number, 1-800-821-6400, to speak with a Hyatt Legal Plans’ Client Service Representative.
• Participants say employee of Cisco, provide the group number 85436 and the last 4 digits of the employee’s Social Security or
Employee number.
• Client Service Representatives assist participants in locating participating plan attorneys in the requested location, and provide
them with case numbers to give to the participating plan attorney of their choice.
• When using a participating plan attorney, no claim forms or co-payments are required—the attorney handles all the paperwork.
Call 1-800-821-6400 to speak with a Hyatt Legal Plans’ Client Representative
Estate Planning and Will Preparation Resources
Optum/CLC:
MetLife/Hyatt Legal:
• Type of service:
• Type of Service:
Consultation with legal expert or local attorney
• Your costs:
Will preparation only, face-to-face or by phone
• Your costs:
- Free initial 30 – 45 minute consultation per
- Free basic will preparation services or updates
separate legal matter
- $150 out-of-network reimbursement
- Receive further legal consultation as needed at
a 25% discount
• Contact information: 800 718-8435
• Contact information: 800 821-6400
Visit FinancialWellnessAtCisco.com
© 2013 Cisco and/or its affiliates. All rights reserved.
Cisco Confidential
14