Recent data from a survey conducted by online estate planning service Willed has unveiled a significant trend: property ownership is increasingly becoming a key driver for will creation, especially among younger Australians.
This shift in behaviour is reshaping the landscape of estate planning and highlighting the growing awareness of financial responsibility among new homeowners.
The survey, which polled recent users of Willed's online platform, revealed some striking statistics:
- 38% of respondents cited buying property as the primary reason for creating a will.
- 57% of all respondents were under the age of 45.
- 64% were first-time will makers.
"These numbers tell a compelling story," says David Kaplan, co-founder of Willed. "Unsurprisingly, buying a property is a pivotal time of life, one that triggers buyers into thinking ahead for the long term."
The data suggests that as younger Australians enter the property market, they're immediately considering the implications for their estate. This trend reflects a growing financial maturity among millennials and Gen Z property owners.
"It's encouraging to see younger property owners taking estate planning seriously," Kaplan notes. "They understand that a property purchase is not just a financial investment, but a responsibility that extends to ensuring their assets are protected and distributed according to their wishes."
- Also read:How to Find Top New Apartment Developments in Melbourne
- Also read:The Impact of Visa Regulations on Property Market Trends in Australia
- Also read:5 Best Real Estate Photo Editing Services of 2024
- Also read:Steel Advantage: The 6 Benefits of Steel Buildings
- Also read:Renovating to Rent? Don’t Skimp on the Skip Bin
The survey also highlighted the appeal of online will-making services to this demographic:
- 80% of respondents cited convenience as a major factor in choosing online services.
- 85% reported feeling relieved after completing their will online.
These statistics underscore how online platforms are transforming consumer behaviour, making it easier than ever to create wills quickly and efficiently.
"The traditional process of will-making can be time-consuming and daunting. Online services remove many of these barriers, allowing property owners to secure their assets more easily."
While the focus is often on first-time will creation, the survey also revealed the importance of updating existing wills. Notably, 73% of respondents over 60 were updating existing wills rather than creating new ones.
"Your will should evolve as your property portfolio does," Kaplan says. "Whether you're buying, selling, or significantly renovating, these changes should be reflected in your estate planning documents."
