Wills as a Benefit in Kind

/in /by

How all employers, company directors and HR executives can make good use of benefits in kind with our Wills Service

It’s widely acknowledged that the successful companies of the future will be those that can attract and retain the best people. That means offering more than just a competitive salary and statutory pension contributions.

The Chartered Institute of Personnel and Development estimates the direct costs alone of replacing a professional or manager to be around £8,000. But even losing junior employees means disruption, delay and expense. That’s why sophisticated companies are always looking for new benefits to help them reward – and retain – their people.

Thomas Mansfield is offering a new service that can help companies increase loyalty and provide a genuine benefit to their staff – our unique benefit in kind ‘Wills Service’.

Benefits to Employers and their Employees

 Currently 60% of the population hasn’t written a will, and over 1,000 people die intestate (i.e. without a will) every day. This can be costly. It risks leaving assets to the wrong people and lumbering loved ones with an excessive tax bill. Bereaved families are regularly forced to sell the family home because someone failed to write a proper will.

But no one wants to think about making a will. They worry about the expense and put it off. Most people would much rather have it taken care of for them.

And with the corona virus at large, now is good time to ensure your, and your employees’ affairs are taken care of.

As an employer the benefits are obvious:

  • You offer employees a valuable service, something that most people know they should do but many put off.
  • You show care for your employees at an extraordinary time, and when they might feel isolated because of remote working and/or social distancing.
  • You ensure that your employees’ welfare is safeguarded, as is that of their families.
  • You show them that you’re a responsible employer, concerned about their current and future needs. Our experience suggests that employees react well to this.
  • Employees appreciate the knowledge that they have protected their families and friends, and haven’t risked their hard-earned assets going to relatives they dislike or to the government.
  • We can offer this service at a significant discount from our normal fees.
  • VAT registered employers can reclaim our VAT charges which reduces the cost further.

In a world of gimmicks, our Wills Service stands out as something genuinely solid and valuable.

How it works

You, as the employer, instruct Thomas Mansfield. We offer your employees a Wills Service which may or may not (at your choice) extend to spouses, civil partners and partners of your employees.

We provide a presentation on the process and procedure for you to distribute amongst your employees. This also includes information on what they need to consider prior to taking up the scheme. Employees wishing to take up the scheme will then complete a short data collecting survey provided by us in readiness for one of our lawyers to have a video call to take any more detailed instructions required, and to discuss things in person.

The next stage is to draft the will, and, if all is well, a final version is prepared for signing.

All this is done for a fixed fee per will, which is significantly reduced from our standard prices. Employers can decide to offer a full service for senior employees, or contribute a set amount to cover a straightforward will, with employees paying the balance if their will is more complex or if inheritance tax advice is required.

Depending on your approach, the employer might also contribute to the cost if they want additional wills for other family members. If this is beyond the scope of what you, as an employer, envisage, then your employees can cover the additional cost, which is often minimal as many people opt for “mirror wills”.

This isn’t a ‘supermarket law’ approach – it’s a tailored, personal service, less prone to errors and more likely to have a really positive impact on an individual’s affairs. We can also tailor it to your company’s needs and requirements, so if you want to customise anything you see here, then of course we should talk.

If you’d like more information on our unique Wills Service and what it could do for your company, or on any other aspects of benefits in kind, please contact us 0808 256 2917 or email [email protected].