According to Harvard Business Review, 60 percent of workers report weighing employee benefits heavily when choosing a job. 80 percent would rather pick additional benefits over a pay raise. What does this tell us? This data tells us that employee benefits packages are just as valuable as salaries, if not more. Top employers are known to put together competitive packages to attract and retain top talent.
Further, employee benefits can tell someone a lot about a company. It helps paint a picture of how employees are valued, company culture, and rewards philosophy. That’s why many employers are stepping up their game and taking a more holistic approach to employee benefits packages. For instance, estate planning benefits are on the rise. So what are estate planning benefits, and why are they becoming more popular? How can you take advantage of this benefit as an employee? Keep reading to find out.
What Are Employee-Provided Benefits?
Employee benefits are advantages or gifts provided by an employer to an employee. These benefits are in addition to the employee’s salary or wages, and are often of significant monetary value. Employers provide benefits that are either of no charge or at a low cost to the employee. We will go over specific examples of employee benefits shortly.
Wide-spread employee benefits began in the 1950s when Congress created health benefits for federal employees. They were originally designed to ensure that an employee could maintain their health in order to work. However, benefits have quickly evolved with time. Today, there are a myriad of benefits including non-essential perks. Although most benefits still carry out the original intention of protecting employees and supporting their overall wellbeing, they are also leveraged as a bargaining tool to court top talent. For an additional overview of employer-provided benefits check out this article.
Employee Benefits Examples
In the previous section, we provided the employee benefits definition which may still feel a bit broad and abstract. With that being said, we promised to go over some specific examples to help illustrate. Keep in mind that these are examples; different employers provide a variety of employee benefits packages:
Medical, dental & vision insurance
Minimum wage protection
Unemployment & disability insurance
Retirement savings & planning
Gym membership & on-site fitness
Estate planning benefits
What Are Estate Planning Benefits?
Estate planning benefits often come in the form of employer-paid access to estate planning advising and coordination services. This means that an employee, at little or no cost, will be able to meet with an estate planning advisor to receive consultation, and also have access to a program to create and coordinate their estate planning documents.
This is a great advantage for employees. Estate planning is often misunderstood as something that is too complicated, time-consuming, and cost prohibitive. Unfortunately, many individuals don’t get enough exposure or access to understand that this is not the case. With the education, encouragement, and access provided by employers, more and more Americans will take advantage and create their Estate Plan.
Why Are Estate Planning Benefits on the Rise?
Employers are starting to offer estate planning coordination and other related benefits as a part of their employee benefits packages because they are realizing how valuable they can be. Employees love to receive benefits that will last them a lifetime, and not just during their time at a company. This helps them feel valued as a human being, and not just as a worker.
Further, employers may be realizing that estate planning goes hand-in-hand with traditional employee benefits. This is because any individual should absolutely make sure to incorporate their employment benefits into their Estate Plans. For instance, retirement savings and life insurance companies typically allow the account holder to name beneficiary designations. These designations determine who should be paid the account balance or benefit in case the account holder passes away. By naming a beneficiary, the employee can make sure that these assets stay outside of probate in case anything should happen. A second important reason is that an Estate Plan is a tool that can empower employees to protect and control their personal assets and property. For companies that value the holistic wellbeing of employees, estate planning benefits are the perfect addition to their benefits packages.
Create Your Estate Plan Today
Know that any changes to your employee benefits should serve as a triggering event that reminds you to update your Estate Plan. This is true regardless of whether your employer offers estate planning benefits or not. Any time you change jobs or change your benefits elections, it more often than not will affect items in your Estate Plan, plus your estate planning strategy. For example, a simple change in your retirement plan could trigger the need for you to add or remove an asset named in your Will. It may also require you to re-evaluate your list of beneficiaries.
Don’t have an employer that offers estate planning services as a benefit? No worries! At Trust & Will, our goal is to provide estate planning solutions that are as accessible and affordable as possible. We provide an easy-to-navigate platform that offers users a seamless way to create their Estate Plans. For instance, you could start the process by taking a quiz to find out what kind of Estate Plan best suits your needs. Then, you could follow a step-by-step process to create your first document, such as a Will. Once you’ve gained some confidence, you could boost your plan by adding a Trust and a Guardian document. Whatever your needs may be, we have a solution for you. The best news is that all of our services are online, which means that you can complete the process from the comfort of your couch or remote work desk. We invite you to check out our estate planning documents to get a sense of what we’re all about!
Is there a question here we didn’t answer? Reach out to us today or chat with a live member support representative!