According to a survey conducted by comparison site finder.com.au, 9.9 million Australians, or 52 per cent of the population, have not prepared a will and testament. One-third of them said they haven’t gotten around to preparing the legal document, while 14 per cent said they don’t have enough assets to justify having a will. Four per cent of respondents said they don’t want one.

1. Almost 10 Million
Adult Australians
Don’t Have a Will
Connolly Suthers
AMP Building, 416 Flinders Street,
Townsville, QLD 4810 AU

2. According to a survey conducted by comparison site finder.com.au, 9.9 million Australians,
or 52 per cent of the population, have not prepared a will and testament. One-third of them
said they haven’t gotten around to preparing the legal document, while 14 per cent said
they don’t have enough assets to justify having a will. Four per cent of respondents said
they don’t want one.
The same survey discovered that people draft wills only when triggered by life stage
changes or changes in assets. Predictably, most of the respondents who admit to preparing
a will are composed of Baby Boomers, born between 1946 and 1964.
The Importance of Drafting a Will
Although the thought of planning for wealth distribution after death can be an unpleasant
thought, it is still necessary, according to legal experts. Early estate planning ensures that
wealth or properties will end up to trusted beneficiaries. How the wealth is held will also
affect social security entitlements and taxation of wealth.

3. If a person dies without making a will, the state distributes the wealth according to the
Succession Act of 1981. In some cases, the distribution of wealth and property may not be
in the way the deceased would have wanted.
Creating a Will and Testament
A valid will must be handwritten or typed by the testator, then dated and signed in front of
two witnesses. The witnesses must be preferably independent of each other and must not
be beneficiaries of any wealth or property by the testator. For concerns about tax issues, it
is recommended that the will is drafted with a professional, such as a solicitor, a lawyer or
a public trustee of the state.
When the will is drafted, it must be kept in a safe place. Solicitors, lawyers and public
trustees will usually hold a will for a person. The testator must then inform the executor, a
close friend or a relative of the will’s location so that it will be easily be found when the
testator dies.

4. Sources:
https://www.connollysuthers.com.au/services/wills-and-estates/estate-planning/
https://www.finder.com.au/press-release-oct-2018-10-million-australians-dont-have-a-
will
https://queenslandlawhandbook.org.au/the-queensland-law-handbook/contracts-money-
and-property/wills-and-estates/making-a-will/