Australians slowly using their will
The overwhelming majority of people under the age of 24 and a third of people between the ages of 25 and 34 have failed to complete a will.
According to research commissioned by Credit Union Australia (CUA), there is still a sizeable percentage of the population which believes that they have not accumulated enough assts or benefits needed for a will.
Credit Union Australia (CUA) has released research that shows that while almost 31 per cent of young people aged between 18 and 24 had considered making a will, they had not taken the next step to complete a valid will document. In fact, only 4 per cent of people within this demographic have completed a will.
CUA managing director Graham Olrich says making a will is one of the most important financial and legal steps people take.
He says people are hesitant in drawing up a will because they consider they don’t have enough assets or they think they are too young.
When younger people die, he says, it is often in tragic circumstances and if there is any property or death benefit, it is up to the next of kin to make an application for letters of administration.
However, applying for and obtaining letters of administration can often be a long and drawn out process that a valid will could have prevented.
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