Do You Have a Mortgage and a Will?
A recent study surveyed 1,000 Australian mortgagors and found that nearly half (48%) of those surveyed do not have a Will.
18 to 40-year-olds said they were motivated to get a Will after buying property, whilst older respondents created a Will after having children, getting married, or entering into a de facto relationship.
Notably, 31% of mortgagors under 30 years of age do have a Will.
The overwhelming reason for not having a Will was: 61% said they simply hadn’t gotten around to it, while 15% didn’t think they needed one and 13% believed their assets would automatically go to their partner or family when they pass away.
Passing away without a Will could leave assets open to a claim from family members seeking a greater share of the estate of the deceased.
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