A recent survey by a prominent Australian Law firm revealed that whilst almost all Australians acknowledge the importance of making a Will (97%), only a little more than half actually have one (52%).
Most younger respondents felt that a Will was something that older people should do and that they could address the issue later. Some just hadn’t gotten around to it yet. Others felt that the expense was not worth the hassle, that they really didn’t have enough assets to warrant making a Will or were intimidated by the process of making a Will and the thought of death.
Some older Australians had Wills but hadn’t updated to take into account their changed circumstances:
- a named executor or beneficiary had passed away,
- one of their beneficiaries circumstances had changed (eg bankruptcy, volatile relationship etc) such that a bequest to that beneficiary was wasted,
- circumstances had changed through marriage or divorce, or
- their financial circumstances had changed significantly through inheritance.
You’ve no doubt heard the old saying: “You never know what’s around the corner.” Life throws up all sorts of challenges. If you’re not serious about what happens to your estate when you’re gone, it may be distributed in a way you had not hoped, and you will most likely leave a substantial headache for those you leave behind who have to sort out the mess.
Get it sorted.