New research has revealed that while many Australians are pushed to organise their wills around the time of buying their first property, nearly half (48%) of mortgagors within the country don’t have any such document.
The survey asked over 1,000 Australian mortgagors if they had a will, when they organised it or else why they have yet to take the step.
Commissioned by Comparethemarket.com.au, the research found nearly a third (30%) arranged their will around the time of stepping into home ownership, with 15% doing so right when they purchased their first property, and another 15% taking action within five years of their first purchase; altogether, the data suggested that buying one’s first home and securing a mortgage is a significant enough milestone to prompt reflection and further planning for the future -- understandable as the average Australian mortgage currently sits at $384,700.
While 18 to 40 year olds indicated they were motivated to get a will after buying property, older respondents said they created the document after having children, getting married or when they entered a de facto relationship.
Notably, nearly a third (31%) of mortgagors under 30 already have a will.
The survey asked those who don’t have a will the reasoning for why they have not organised it. The majority (61%) said they simply haven’t got around to it, while 15% don’t think they need it, and 13% believe their assets will automatically go to their partner or family when they die.
“While the life stage at which we organise a will is an individual decision, the data shows that a property purchase or extension of their family are the major reasons mortgage holders have organised this important legal document,” said Comparethemarket.com.au spokesperson Abigail Koch.
“Those who don’t have a will could leave their assets open to contestation by family members seeking a greater share of their estate.
“For this reason, having a will provides peace of mind for the asset-holder and the intended beneficiaries.”
