New research has revealed that while many Australians are pushed to organise their wills around the time of buying their first property, nearly half of mortgagors within the country don't have any such document.
The survey asked over 1,000 Australian mortgagors if they had a will, when they organised it or else why they have yet to take the step.
Commissioned by Comparethemarket.com.au, the research found nearly a third arranged their will around the time of stepping into home ownership, with 15 per cent doing so right when they purchased their first property, and another 15 per cent taking action within five years of their first purchase; altogether, the data suggested that buying one's first home and securing a mortgage is a significant enough milestone to prompt reflection and further planning for the future -- understandable as the average Australian mortgage currently sits at $384,700.
While 18 to 40 year olds indicated they were motivated to get a will after buying property, older respondents said they created the document after having children, getting married or when they entered a de facto relationship.
Notably, nearly a third of mortgagors under 30 already have a will.
The survey asked those who don't have a will the reasoning for why they have not organised it. The majority 61 per cent said they simply haven't got around to it, while 15 per cent don't think they need it, and 13 per cent believe their assets will automatically go to their partner or family when they die.
"While the life stage at which we organise a will is an individual decision, the data shows that a property purchase or extension of their family are the major reasons mortgage holders have organised this important legal document," said Comparethemarket.com.au spokesperson Abigail Koch.
"Those who don't have a will could leave their assets open to contestation by family members seeking a greater share of their estate.
"For this reason, having a will provides peace of mind for the asset-holder and the intended beneficiaries."