As Australia stands on the brink of one of the largest intergenerational wealth transfers in history, a new survey by Willed, an online estate planning service based in Australia, sheds light on the factors driving Australians to engage in end-of-life planning.
With an estimated AUD $3.5 trillion expected to change hands over the next two decades as the “Great Wealth Transfer” unfolds, understanding these motivations is crucial.
The survey reveals that procrastination has been a significant barrier to estate planning. A striking 73% of respondents had delayed creating a will for two years or longer. However, digital solutions are helping to overcome this hurdle. As one respondent noted, “I finally got around to it.”
Key Motivators
1. Life Events
It doesn’t come as much of a surprise to learn that it is major life changes that are prompting Australians to create wills. The survey found:
● 15% were motivated by a health scare
● 13% were prompted by having children
● 11% cited buying a property as their reason for creating a will
Protecting Loved Ones
A significant 54% of respondents said their primary concern was avoiding “unwanted
hassles and expense for loved ones” in the event of their passing.
Financial Control
23% were motivated by ensuring their estate would be distributed according to their wishes, rather than letting the government decide.
Breaking Down Barriers
Traditional perceptions of will-making as expensive and complex have been significant
deterrents:
● 48% delayed because they thought it would be too expensive
● 44% believed it would be too complicated
● 40% found the thought of visiting a lawyer overwhelming
Digital solutions are addressing these concerns, with 80% of respondents citing convenience as a major factor in choosing online services.
Emotional Impact
The survey highlights the emotional relief that comes with completing end-of-life planning:
● 50% reported feeling “relieved” after completing their will online
● 31% felt “calm”
● 12% experienced a sense of confidence
Price Sensitivity
Affordability remains a crucial factor in driving end-of-life planning:
● 33% of users were persuaded by fair pricing or special offers
● 62% cited cost-effectiveness as a primary reason for choosing online services
“These findings underscore the changing landscape of estate planning in Australia,” says
David Kaplan, co-founder of Willed. “As we approach this significant wealth transfer, it’s
clear that accessible, affordable, and user-friendly solutions are key to encouraging more Australians to get their affairs in order.”
Leave a Comment