employee benefit article

Empower Your Team with a New Employee Benefit

May-26 2023

As times evolve, employees' wants, needs, and expectations do as well. While employers have long provided health and financial benefits, the need for estate planning benefits is growing. According to Wealth’s “State of Estate Planning Report,” only 13% of employees currently receive estate planning services as an employee benefit. With just 1 in 3 Americans having an estate plan, it's time to prioritize the future of individuals and their families by incorporating this essential benefit into your portfolio.

Of the 87% of employees that have yet to be provided with estate planning benefits, studies have found that 72% are interested in receiving them. Estate planning is an essential tool for financial wellness as it ensures the proper passing of wealth from one generation to the next. According to a Morgan Stanley study, 90% of employees believe that employers should re-visit and improve their employees' financial packages to remain relevant and current in the workplace. In the last couple of years, many employees, including millennials, have begun paying more attention to their financial benefits amongst others. 

One of the main reasons for the low adoption of estate planning is the lack of awareness and knowledge about its importance. Increasing the number of companies that offer estate planning benefits provides a valuable opportunity to educate employees about the significance of having an estate plan. By bridging this knowledge gap, employees can better understand how to plan for the future and make informed choices for themselves and their loved ones.

Today's hiring market - among other things - is challenging and competitive. Employees are seeking more relevant and useful benefits as part of their total compensation package and sometimes, finding those perfect benefits can be a game-changer. Offering the opportunity for your team to protect their family, finances, pets, and belongings demonstrates a company's commitment to its employees' overall well-being. It sends a powerful message that the organization values each individual beyond their immediate job functions. Such benefits contribute to higher employee satisfaction, engagement, and loyalty. Employees appreciate the support in navigating critical life decisions and are more likely to stay with employers who prioritize their long-term security.

There's no question that estate planning is essential, and adding it as a benefit is a great option but let's take a closer look into why GoodTrust is the perfect fit. We believe that everyone should have access to all the tools necessary to protect what matters, despite health, wealth, or age which is why our plan includes a Will, Trust, Digital Vault, POA, healthcare directives, pet directives, and a funeral directive at one affordable price. We recognize that estate planning is a family affair so each account allows all family members to connect, and collaborate in a meaningful way. We’re on a mission to democratize estate planning by making it accessible and affordable to everyone, as well as providing it at no cost to communities in need. We focus on education first, providing resources in the forms of video, articles, and email offering guidance and customer support as needed. Our workflow is clean and simple, yet comprehensive - specifically designed to be easy for our customers. We require no integration and offer multiple ways of working together including licenses, voluntary opt-in, and revenue share opportunities. We support many different sectors and are fully equipped to provide customized solutions that fit your needs - all at a price that is fair and affordable. Now, doesn’t that sound like a plan you could offer your employees?

Check out our enterprise page to learn more or email us at [email protected] for more info.