Will Benefit
Will Benefit
How does the Will Benefit from Enjoy Benefits work?
The number of people in the UK without a Will has hit 29.5 million, according to research by unbiased.co.uk. many people without a Will believe their estate will go to the right people automatically once they die. Unsurprisingly, the highest percentage of people without a will are in the younger age groups, with 84% of those aged 18-34 without one. Meanwhile, 35% of those aged over 55 have failed to put in place a will.
Many people believe the people they would want to inherit will automatically do so, not understanding the law relating to Intestacy.
The Will Writing Benefit provides employees with the convenience of making a Will through an experienced specialised provider and paying the cost of it over 12 months through their salary.
How will this benefit my employees?
The death of a loved one is increasingly resulting in family disputes when no Will has been made and results in an unfair distribution of the estate. Often there are children involved in the family mix and families can suffer high levels of stress and relationship breakdowns until the situation is resolved. Sometimes these breakdowns are irreparable, destroying family bonds and possibly involving costly legal action.
Modern family life has seen an increase in divorce rates and second marriages. Complicated family relationships mean it has never been more important to take advice from an experienced specialist lawyer who is able to advise your employees about how the law relating to inheritance tax and funding care may impact on them and how it may affect making their Will.
Ensuring their estate passes to the people they want to inherit ie if they co-habit, their partner will not be automatically entitled to benefit from their estate.
Employees can specify an age older than 18 years for children to inherit, as 18 may be too young for children to inherit large sums of money and can make them vulnerable to undesirable influences.
Allows employees to spread the cost of the Will over 12 equal monthly payments.
How will this benefit my business?
Demonstrates that you have a benefit in place which provides peace of mind to employees and their families
- Can reduce absenteeism caused by family issues over the death of a loved one and/or the associated stress
- Provide access to a service that makes it convenient for employees to do something they have always promised themselves to do, but never actually got round to doing it.
- Support the trustees of your life assurance and pension schemes in event of the death of an employee when deciding who the funds should go to if there is contention, complexity or challenges are raised.
How much does it cost?
No cost to the employer.
There is a special rate for employees, representing a 20% discount off the providers normal high street costs for a Will.
- Fixed fee cost of a single Will through a specialised Will writing solicitor = £170.00 (INC VAT)
- Fixed fee cost of a couples Will through a specialised Will writing solicitor = £276.00 (INC VAT)
The cost of the Will is collected from an employee’s salary before National Insurance is applied, delivering an additional saving of 12% to employees who are basic rate taxpayers and a 2% saving for higher rate taxpayers.
| Your Rate of Tax | Single Will – cost over 12 months | Couples Will – cost over 12 months | ||||||||||||
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