HR Consultants
HR consultants ensure employees' well-being and legal compliance in today's fast-paced business environment. One often overlooked aspect of this is referring employees to professional Will writers. Here’s a look at why HR consultants might make these referrals and how they benefit employees and employers.
Employee Benefits
Enhancing Financial Planning Services
Many HR departments now offer comprehensive financial planning services as part of their employee benefits package. These services often include will-writing assistance, which helps employees manage their finances better and plan for the future. By providing access to professional will writers, companies can ensure their employees have the necessary tools to secure their financial legacy.
Workshops & Seminars
HR consultants frequently organise workshops and seminars on estate planning, providing employees with valuable information and direct access to will writers who can offer expert advice and services. These initiatives educate employees and encourage them to take proactive steps in their financial planning.
Discounted Services
HR departments often negotiate discounted rates for will-writing services, making it more affordable for employees to get their wills drafted and ensuring that more employees take advantage of this important service.
Succession Planning
Ensuring Business Continuity
Succession planning is crucial for family-owned businesses. HR consultants collaborate with Will writers to draft clear wills that outline the succession plan, preventing disputes and ensuring business continuity. This is especially important for maintaining the stability and future growth of the business.
Partnership Agreements
Only about one-third of firms possess a valid partnership agreement, exposing many to risk during disputes, partner retirement, illness, or death. Without such an agreement, firms default to the outdated Partnership Act of 1890, which may not suffice for the complexities of modern businesses, especially larger ones.
A comprehensive partnership agreement should detail procedures for a partner's ill health or death. Firms without an agreement risk automatic dissolution if a partner dies or faces bankruptcy. Partnership Agreements with bespoke Wills and Powers of attorney should be considered investments.
Business Powers Of Attorney
Powers of Attorney are valuable tools for partners, business owners, and HR consultants. A General Power of Attorney (GPA) can provide a quick stopgap to maintain business continuity for a specific project, time, or person. A Business Lasting Power of Attorney (BLPA) gives restricted authority for attorneys to make decisions about your commercial activity. It is a separate document from any other LPA. It is a Property and Financial Affairs LPA tailored according to the business and considers its articles of association and shareholder or partnership agreements. You can have a BLPA that clarifies to your attorneys where the authority starts and ends.
Business Trusts
Transferring a business to a spouse is exempt from IHT. If the company is eligible for Business Property Relief (BPR), it could also be exempt from IHT upon the second death, provided it qualifies for 100% relief. HR managers can refer to accountants and will writers for information.
Establishing trusts can be a vital part of succession planning. HR consultants refer clients to will writers who specialise in setting up trusts to manage and protect business assets. This ensures that the business remains in capable hands and that the assets are used according to the owner’s wishes.
High-risk industries
While no industry explicitly mandates employees to have an up-to-date will, certain high-risk professions strongly encourage it due to the nature of the work. These include:
1. Emergency Services: Firefighters, police officers, and paramedics face significant risks daily.
2. Construction and Mining: Workers in these industries deal with hazardous conditions that can lead to fatal accidents.
3. Manufacturing: Workers in these industries face hazardous conditions that can lead to fatal accidents.
4. Healthcare: Particularly for those working in high-risk environments or during pandemics.
5. High Mileage: Occupation can affect annual mileage. Professionals with long commutes or business mileage log higher annual miles. 7,400 is considered the average mileage for an individual; anything above 15k is high mileage.
Having an up-to-date will ensures that their wishes are respected and their families are taken care of in case of an untimely death.
Employee Well-being
Mental Health - Reducing Stress and Anxiety
Knowing their affairs are in order can significantly reduce employee stress and anxiety. HR consultants promote will-writing services as part of a broader mental health and well-being program, helping employees feel more secure about their future.
Supporting Families by offering will-writing services extends support to employees’ families, ensuring they are cared for in the event of an employee’s death. This can provide peace of mind to employees, knowing their loved ones will be protected.
Holistic Benefits
Including will-writing services in the benefits package shows that the company cares about the overall well-being of its employees, not just their work performance. This holistic approach can improve employee satisfaction and loyalty.
Conclusion
Referring clients to Fern Wills & LPAs is a strategic move by HR consultants that benefits both employees and employers. The advantages include enhancing employee benefits, ensuring business continuity, meeting legal compliance, and supporting employee well-being. By integrating Will-writing services into their offerings, HR consultants can provide comprehensive support that addresses personal and professional needs.
