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As Australia braces for the largest intergenerational wealth transfer in its history, recent data indicates a significant shift towards digital solutions in estate planning.
A survey by Willed.com.au, an online will-making service based in Victoria, reveals that 38% of respondents “finally got around to” creating a will due to the accessibility and user-friendly nature of online platforms. This surge in digital estate planning coincides with the approaching “Great Wealth Transfer” on the horizon, expected to see approximately $3.5 trillion in assets transferred from Baby Boomers to younger generations over the next 20 years.
David Kaplan, co-founder of Willed, commented on their findings: “We’re witnessing a paradigm shift in estate planning. The looming wealth transfer, combined with the ease of online services, is prompting many to address a task they’ve long postponed.”
Key findings from the survey include:
- 54% of respondents prioritized avoiding “unwanted hassles and expense for loved ones,” highlighting the importance of proper estate planning.
- 48% had delayed will-making due to perceived high costs, a notion that online services are now challenging.
- 50% of users reported feeling “relieved” after completing their online will, underscoring the emotional benefits of estate planning.
“These results reflect a broader trend in financial planning,” Kaplan says. “While people recognise the need to prepare for the future, traditional methods have often been prohibitive. Digital platforms are dismantling these barriers, making end-of-life planning more approachable and less daunting.”
The survey also found that 44% of respondents had procrastinated on will-making, believing it to be too complex. This perception is rapidly changing with the introduction of intuitive online platforms.
“We’re essentially democratising estate planning. It’s evolving from a service primarily for the affluent or those with intricate finances to something accessible for everyone. Technology is enabling us to provide everyone with the peace of mind that comes from having their affairs in order.”
The trend towards online will-making is particularly relevant given Australia’s ageing population and rising property values. Many Australians may underestimate the true value of their estates, making it crucial to prepare for this wealth transfer, regardless of perceived asset value.
“The Great Wealth Transfer isn’t just about the ultra-wealthy. It’s going to affect Australians across the board. Whether you’re a Baby Boomer planning your legacy or a younger individual building wealth, a will is fundamental to protecting your assets and wishes.”
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