Why don't more Australians have a Will?
According to the key findings of a joint publication by UQ, Victoria University and QUT, approximately 40% of adult Australians have not made a Will.* While this figure isn’t too bad when compared internationally, it is likely that of the 60% of adults who have made Wills, many of those will be out-of-date and in need of changes/updates. Some may even have been automatically revoked by the act of getting married!
According to the key findings of a joint publication by UQ, Victoria University and QUT, approximately 40% of adult Australians have not made a Will.* While this figure isn’t too bad when compared internationally, it is likely that of the 60% of adults who have made Wills, many of those will be out-of-date and in need of changes/updates. Some may even have been automatically revoked by the act of getting married!
Making a Will can be one of the most important actions you can take to protect your assets and make sure that they pass according to your wishes. Making sure you have a Will and that it is up-to-date can help reduce stress for your loved ones and reduce the costs involved with administering your estate. Getting good quality advice on your Will can also help to limit the possibility your wishes will be disputed.
Despite the importance of having a Will, it appears that excuse making and procrastination is the norm. Some typical excuses/reasons given for not having a Will include:
- “I’m too busy and don’t have time.”
- “All my assets will go to my spouse anyway.”
- “It’ll be too expensive.”
- “I don’t have much, so I don’t need a Will.”
If you do not have a valid Will when you die, your assets will be dealt with according to the laws of intestacy (the laws which apply when you have no Will). This can involve more cost and delay in administering your estate, but also means you have no say over how your assets are distributed.
So, in short, please do yourself and your loved ones a favour in 2017, and make a Will (or update your old out-of-date one)! In my experience, people always find it less painful than they initially anticipate.
All the very best for a great 2017!!!
*UQ, Victoria University and QUT, ‘Having the last word? Will Making and Contestation in Australia’ (March 2015).