Nearly 30 million adults in the UK do not currently have a Will in place. The number of enquiries to Citizens Advice about people who have died without making a Will has more than doubled over the past five years (BBC News, 2016)
If someone dies without a Will, rules dictate how their money, property or possessions should be allocated. This may not be in the way the deceased would have wished. Almost 70% of cohabiting couples have no Will. This means that on death, the surviving partner would have no automatic right to inherit. 57% of parents have no Will at all. It is very important a Will is in place for the guardians and trustees of any children. (Will Aid Survey,2015).
The Will Writing Service enables employees to have a face to face appointment with a specialised Will Writer. They will talk with your employee to understand their personal situation and work with them to craft a Will which is suitable for their circumstances and requirements.
How is it paid for?
Will Writing is employee paid through salary deduction. Employees will pay tax on the value of their Will but save National Insurance. A basic rate taxpayer will save 12% and a higher rate taxpayer 2%. The cost of the Will is collected over 12 equal monthly payments. If the employee requires more specialised services in addition to the Will the cost of these can settled directly between the employee and the Will Writer.
This benefit is popular with companies who offer company paid Life Assurance as it dovetails with the message that as a business you are taking an interest in supporting your employees (and their families) long term financial wellbeing.
Why Offer This Benefit?
The Will Writing benefit has been proven to engage employees in proactively thinking and making decisions about their longer term financial future. This in-turn can help reduce some of the stress caused by prolonged family issues over the death of a loved one and the (often) associated absenteeism. Where a properly constructed Will is in place it can support the trustees of your life assurance and pension schemes in making decisive beneficiary payment decisions in the event of an employee’s death
Often, when we are speaking to employees at a company event and we ask the question “How many of you have a Will in place” frequently less than half of the people respond, however when we ask “How many of you are planing to put Will in place” nearly everyone responds positively”. This benefit is providing your employees with a simple pathway to getting a Will in place.
Will Writing does not cost to your business anything as the as the cost of the Will is recovered from employees salaries