Footprint Connect is an employee benefit platform designed to improve the financial literacy of your employees in relation to Wills and estate planning. It also provides a unique product range of Wills and Will packages that cover probate and estate administration.
All Footprint products can be reached via our secure online environment. We have made the language and content of our site relatable and easy to understand, and of course, as we are digital, all information and online resources are available 24/7.
Footprint Connect is designed to plug into any existing wellness/employee benefit programme. From an administration perspective, the commitment is incredibly small. Just upload a CSV file monthly or yearly (the choice is yours) and our automated system does everything from invoicing, contacting and on-boarding employees, to acknowledging when they have left the programme and offering continuation options.
If you would like a copy of the Footprint Connect standard contract and terms please contact us
Wills and estate administration are key to protecting and supporting employees. Many employers are spending thousands of dollars on life insurance and KiwiSaver without realising the importance of coupling this with a Will.
Employee benefits such as life insurance and KiwiSaver are usually defined as a personal asset (belonging to one specific person, not a joint asset). Many people don’t realise when they pass away these assets are not immediately available to their loved ones. Additionally, if they pass away without a Will the time and cost to access these funds increase by an estimated 50%. To give that perspective, this could mean an estate administration fee upwards of $15,000 and over 12 months before any funds can go to beneficiaries.
Footprint Connect teaches your employees all the “need to know stuff” about Wills and estate administration, including how these work together with KiwiSaver and group life insurance. We also discuss the structure of bank accounts and what can be done to avoid losing access to funds if your spouse’s/partner’s estate is being administered.
A whopping 81% of people either don’t know or are unsure what estate administration is, yet at some point in time they will either directly or indirectly be impacted by it. It doesn’t matter if the selected executor is a professional, a friend or a family member, 100% of Wills require estate administration.
Estate administration involves settling debts, finding and contacting beneficiaries, closing accounts, completing tax returns, transferring or selling property, applying for probate - and much more.
The average cost for estate administration in New Zealand is $10,000. The traditional way of charging for estate administration is either time and cost, or as a percentage of a person’s assets, which will then be charged against their estate. This amount varies, but presently sits around 2.5% on average. Assets can be many things including property, savings, investments, antiques and more - basically the higher the value and volume, the more you pay in fees.
In 2018, 1339 New Zealanders were surveyed about their knowledge on Wills and estate administration. In 2019, we conducted another survey focused on the full time employed. The combined information tells an interesting story.
New Zealand has a serious knowledge gap when it comes to Wills and estate administration. For this very reason we provide Learning Labs with all our Footprint Connect packages. Labs can be on site or at a convenient location nearby and can also be aligned to induction or wellness expos.
There are three different employer contribution packages to select from, including an option where employees can choose to ‘top up’ and contribute to the base subscription package (Will It) for increased estate administration benefits.
All three packages can be supported by optional (and recommended) Learning Labs.
The employee perks option is provided for businesses that wish to support but not include a Will or estate administration package within their employee benefits programme. Discounted retail pricing makes this option a good employee perk.
Because the employee is paying, they can choose from one of three options, the Will Package, Will It and Single Will. Employee perks can be supported by optional (and recommended) Learning Labs.
We know everyone has different needs and expectations, talk to us about what’s right for you and we’ll make a plan together.
Footprint Connect is the missing link in your employee benefits programme and most financial literacy conversations.