Drafting a will should be a priority on the to-do list of every Australian over the age of 18 regardless of their age or financial position, a law firm has said.
Research from Maurice Blackburn Lawyers has found that more than half of Australians do not have a will.
Of that subsection identified in the research, nearly 40 per cent went on to indicate that they have no idea what would happen to their assets if they pass away without a will.
“People are often good at ensuring they have things like house and car insurances in place, but we know this does not extend to wills,” said Andrew Simpson, the firm’s national head of wills and estates law.
This is despite the lawyer’s consideration that a will is “a crucial document that protects all of your assets and your wishes”.
Maurice Blackburn urged all Australians to add drafting a will to their New Year to-do list.
“This is a time when many people typically try to get things organised for the year ahead, and this must include a will,” Mr Simpson said.
“Our research has also shown that of those surveyed (approximately 1,200 respondents nationally aged 18 years and over), 40 per cent of people without a will had thought about making one but were yet to do so, while 30 per cent felt they didn’t have anything of value to leave,” Mr Simpson said.
Another barrier to drafting a will is the misconception that the preparation of a will is a difficult and time-consuming process, irrespective of the circumstances, the lawyer noted. Thus, the firm created an online wills platform that allows people to complete their will application “in their own time and in their own environment, but with the comfort of this still being drafted by a lawyer”.
“Drafting a will is crucial, and that’s why it is important to make this process as time-efficient and simple as possible,” Mr Simpson stated.
What happens to a person’s estate when they die? nestegg has previously looked at the process of validating a will – known as probate.
nestegg has also warned that a legally binding will cannot direct where an individual’s superannuation will go after death.