• Almost half of all adult Australians don’t have a Will
  • More than 4 in 5 people would get a Will if they were cheaper
  • com gives away $1 million worth of free wills this week

 

Special Report: Succession. It’s not just a HBO drama or a peek into the world of billionaires, Australian families are being torn apart when promises about business transfers, commercial interests and family assets end in dispute and often in a courtroom.

“What we have found is that problems arise when families haven’t engaged in meaningful end-of-life conversations with their loved ones. In some cases, it’s as simple as one party thinking they are entitled to more,” said Safewill CEO, Adam Lubofsky.

Courtroom showdowns can take up to 18 months and pending the level of your representation, the final invoice could be in the hundreds of thousands of dollars.

“The solution is simple, every adult needs a Will and needs to have a discussion with their family about their wishes,” said Lubofsky.

A recent study commissioned by Australian tech company Safewill uncovered that almost half of all Australian adults (45.9%) are living without a Will, even though 86.9% possess estates valued between $10,001 and $750,000.

Half of those surveyed had not discussed their wishes with their family and a majority of parents (64.5%) had not appointed legal guardians for their children.

To address these issues, Safewill is launching Free Wills Week, during which they will give away $1 million worth of free wills. Lubofsky explained, “Not having a valid will, known as dying ‘intestate,’ means that assets could be distributed according to the State’s laws. Often, that’s in stark difference from the person’s wishes, and could lead to family disputes and high legal costs, putting undue pressure on loved ones at a time when they are grieving.”

Katherine, a Victorian professional, found this out the hard way. Her father moved to Thailand and took all his assets with him, so when the time came to finalise his Will, she was left with nothing.

“We had verbal discussions about what dad would leave to me but when the time came, an old Will said I could have everything in Australia. The problem was, there was nothing left in Australia, everything had been moved to Thailand.”

“I’m now in a position where I have to negotiate with his wife and it’s up to her if she agrees to honour his wishes and send me what dad verbally promised. It’s not her fault, but ultimately, it’s her business, she’s legally inherited his assets. It’s very painful and upsetting for everyone. I wish dad had just updated his Will.”

As families grapple with the administrative burdens of unplanned estates, Safewill aims to provide accessible and efficient solutions.

All Wills created on the Safewill platform are reviewed by their affiliate law firm, Safewill Legal. Lubofsky highlighted: “That’s what sets us apart from other platforms and will kits. Every will written on our platform gets reviewed to make sure our customers have used the platform correctly and to flag any issues. From March 18, that’s all done for free.”

“Many believe their assets will automatically be distributed to their loved ones, but this is far from the truth. Without a Will, the estate will be distributed according to a government statutory formula, often different from a person’s wishes.

“Free Wills Week offers accessible and efficient solutions to help Australians avoid this scenario.”

 

This article was developed in collaboration with Safewill, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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