Absence of Wills is an Ongoing International Issue

Too many people across Australia have yet to take the important step of writing a Will.

According to NSW Trustee & Guardian, as many as 45% of adult Australians are currently without Will. This is a worrying statistic, because having a valid and up-to-date Will in place is the best way to ensure that your assets are distributed in accordance with your wishes after you have passed away. Another unknown statistic is: how many of those 55% with a Will in place have an up to date Will taking into account changes in personal and family circumstances since they have had their Will prepared?

Australia is not the only country where people are failing to complete this important future-planning activity. Recent research from the UK suggests that 59% of adults there do not have a Will. Perhaps unsurprisingly, it appears that the younger generations are the least prepared, with only 17% of those aged 18-34 having a Will in place and only 29% of those aged 35-54. 

In Canada, the latest figures suggest that 48% of adults are without a Will, with 55% of those between the ages of 35-54. The research, by BMO Wealth Management, also highlighted that although more than a quarter (32%) plan to leave their assets to their spouse and children, as many as 40% have not discussed their estate intentions with their heirs.

This is troubling, as discussions on estate planning should take place at an early a stage as possible to help reduce some of the emotional and financial implications of administering an estate at an already difficult time.

BMO also recommends always using a legal professional to prepare a Will to ensure it is valid and up-to-date. A legal professional is also best placed to help to determine who should fill important roles, such as executor, guardian to any minor children and Power of Attorney.

Contact Us

Szabo & Associates, Solicitors can offer expert advice on a wide range of legal matters, including contesting, making or updating a Will. Please contact George Szabo today on (02) 9281-5088 or fill in our online contact form.