Making and Changing Wills

Cheryl Tilse,Rachel Feeney,Linda Rosenman,Tanya Strub,Ben White,Jill Wilson

doi:10.1177/2158244016631021

Abstract

Wills are important social, economic, and legal documents. Yet little is known about current will making practices and intentions. A comprehensive national database on the prevalence of will making in Australia was developed to identify who is or is not most likely to draw up a will and triggers for making and changing wills. A national survey of 2,405 adults aged above 18 years was administered by telephone in August and September 2012. Fifty-nine percent of the Australian adult population has a valid will, and the likelihood of will making increases with age and estate value. Efforts to get organized, especially in combination with life stage and asset changes trigger will making; procrastination, rather than a strong resistance, appears to explain not making a will. Understanding will making is timely in the context of predicted significant intergenerational transfers of wealth, changing demographics, and a renewed emphasis on retirement planning.

Highlights

In the 20 years, it is expected that a significant transfer of wealth will occur between the baby-boomer generation and Generations X and Y in Australia and many other aging societies (Kelly & Harding, 2006)
Most (n = 1,170, 82%) believed that no one had prompted them to prepare their most recent will. These findings suggest that there are a range of circumstances that potentially trigger will making, the circumstances that lead an individual to prepare a will are likely to be specific for that person
A higher proportion of respondents not in a relationship, in a new relationship, or in a de-facto relationship than those who were currently or previously married had removed a beneficiary.14. These results suggest that the changes made adjusted provisions to meet evolving life circumstances in terms of the current asset base, family responsibilities, and relationship changes

Summary

Introduction

In the 20 years, it is expected that a significant transfer of wealth will occur between the baby-boomer generation and Generations X and Y in Australia and many other aging societies (Kelly & Harding, 2006). Cultural norms underpinning these intergenerational asset and wealth transfers (e.g., through wills) are shifting due to social and demographic changes (Sappideen, 2008). Structures are changing with increased acceptance of cohabitation, same sex relationships and shared parenthood, multiple marriages, and blended and step families. The available evidence suggests relationship changes (e.g., marriage) and life events (e.g., parenthood, illness, retirement, death of a family member or friend) as well as changes in assets (e.g., home ownership, inheritance) may prompt people to make a will (Humphrey et al, 2010; Rowlingson, 2000)

Methods

Results

Conclusion