A Will is something that only 40% of adults in the UK have in place despite owning a property. Which really is a shocking statistic when a valid Will is a key document in making the transfer of your estate and wealth upon death as smooth and painless as possible for loved ones.
There are many reasons you should have a valid Will in place as summarised below:
- takes a long time for permissions to be granted to administer your estate after death
- no control over the distribution of your wealth, due to set of rules known as ‘intestacy’
- some inheritance tax issues can be mitigated by having a Will in place
There are further scenarios and examples as to why an up-to-date version of your Will should be in order, which is a key part of financial planning for an individual. From an employers’ perspective there are ways to help with this, and good reasons to as well.
Assisting your employees in writing a valid Will is a powerful way of showing your commitment to them and their families and is a relevant subject for everyone to take notice of and appreciate. Children in particular are important and knowing how your employees with young families can be affected will really show you care as an employer.
Those with children in particular should take note because for couples and spouses with young children, specifically under the age of 18, if both parents die together then nobody has the legal right to take custody of the children. So someone would have to apply to the UK courts to have custody and this can be both costly and a lengthy process. Having a Will with a guardianship clause in it means your children will immediately be looked after by someone you trust, rather than social services.
Improving wellbeing within the work place is the core of any employee benefit strategy, and financial wellbeing is a big part of that. With many employee benefits (pension, group life, critical illness) having a financial impact on an individual, Will writing is a great addition to your package.
Some Group Life providers in the market have already started to include Will preparation, funeral concierge and other useful tools that help employees prepare for the inevitable. Particularly those services that will help to support our families and loved ones if the worst should happen. The comfort of knowing the support is in place and you have done what you can provides a good peace of mind. Of course, most of us will live into retirement and beyond our employee benefits. But it is important you are aware of what is available and included within your current employee benefit package by speaking to your employee benefits consultant.
At Mattioli Woods we can include advice and Will writing solutions, as well as focused financial wellbeing sessions for employees. Reminding employees of how pensions and life cover are treated in the event of death is especially useful in shining a light on the value these benefits offer.
Content correct at the time of writing (March 2023).