Less than 60 per cent of middle-aged Australians are making formal wills, according to the latest research released in National Wills Week.
And Brisbane firm Thynne + Macartney’s experience supports the data as the second National Wills Week targets Australians aged 40 to 65 years.
Last year marked the inaugural National Wills Week, involving the Queensland Public Trustee (QPT) and state trustees across Australia, and it was supported by the Queensland Law Society.
It targeted everyone over the age of 18. This year, the research (conducted by QPT and Kantar Public Research) suggested while 82 per cent of this demographic recognised the importance of having a will, only 59 per cent had one in place.
Thynne + Macartney Partner (Wills and Estates) Ashleigh Poole said “unfortunately, we do see this. At the moment, we are involved in approximately five estates which involve a person in this age bracket who has passed away without a will”.
“They are usually very sad situations and frustrating for the loved ones involved because the laws dictate the disposition of the estate and who is to control the estate, and it may not be the outcome the deceased person would have wanted,” the QLS Accredited Specialist said.
Special Counsel Cathy Piccolo
Special Counsel Cathy Piccolo said there were several issues for people in this age range if they died without a will.
“They may have children from an earlier relationship/marriage and have a new partner/spouse and their current will/intestacy rules may not adequately address the issues that arise on their death, especially weighing the wish to support the second partner/spouse but ensure their children receive a benefit from their estate,” Cathy said.
“The structure of their assets may mean that their assets do not form part of their estate so it is important to consider who will control these assets on their death.
“A significant asset is likely to be superannuation and if they do not have a Binding Death Nomination, the trustees of their fund may not necessarily pay the death benefit to who they wish.
“They may not have appointed guardians for their minor children and their children may not be raised by the person/s they would have chosen.”
Also dying with an outdated will was another common problem in this age bracket, Special Counsel Vicky Martin said.
Special Counsel Vicky Martin
“This can result in disputes amongst beneficiaries and family members, which can lead to litigation and irreparable damage to family relationships,” Vicky said. “We recommend reviewing your will every two years to ensure that it continues to accord with your wishes.
“Certain life events might also prompt an update to your will. For example, marriage automatically revokes a will unless there is a certain clause in the will to the contrary. Other events that should trigger a review include the birth of a child, grandchildren, divorce or separation, death of a spouse, executor or beneficiary, serious illness and changes in assets or liabilities.
“A will is not a ‘set and forget’ document, it follows you through life and should be updated periodically so there is no question about your intentions.”
National Wills Week is all about supporting the community to get started on their advance life planning journey.
The QLS Succession and Elder Law Conference is scheduled for Friday, 1 November.
Share this article