Making and Changing Wills

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

SAGE Open, 2016, vol. 6, issue 1, 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.

Keywords: wills; inheritance; intergenerational transfers; family (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:sagope:v:6:y:2016:i:1:p:2158244016631021

DOI: 10.1177/2158244016631021

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