About Will Writing
If someone dies without a Will, rules dictate how their money, property or possessions should be allocated.
Book a Free Consultation TodayWhy offer this benefit?
Making decisions
The Will Writing benefit helps 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.
Support the future
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.
Supporting employees
This benefit is popular with companies who offer Life Assurance as it dovetails with the message that as a business, we are taking an interest in supporting employee’s long-term financial wellbeing. Several employers have also invited the Will Writers to financial well-being events and seminars to explain to employees the importance of putting a Will in place.
How it works
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 especially important a Will is in place for the guardians and trustees of any children (Will Aid Survey). The Will Writing benefit enables employees to have a face-to-face appointment with a specialised Will Writer. They will talk with the employee to understand their personal situation and work with them to craft a Will which is suitable for their circumstances and requirements.
Set-up requirements
Employer confirms they wish to make the benefit available to employees. Most employers operate Will Writing as an Anytime Benefit as employees may require a Will at any time, particularly if family circumstances change.
How is it paid for?
The Employer pays for the Will and the employee repays your business over twelve equal monthly deductions from salary. If the employee leaves during the repayment period any outstanding amount is recovered from the final salary.
Tax status
If operated through salary sacrifice then the employee saves NI at 8% or 2%, depending on their personal rate of tax and BIK charge applies (this is the most common approach). This benefit can also be facilitated as a Net deduction with no BIK (employee does not make NI savings).
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