This month we want to talk about wills, gifts and legacies. The end of the financial year is a time when many of us tidy up our financial affairs for the tax man. It is a good time to prepare a will and be prepared for whatever the future may hold.
Admittedly, writing a will is not a fun topic and whilst there is no legal requirement to have one, having a will in place, could save you and your loved ones a lot of problems down the line. An added benefit? You can leave a gift in your will, creating a legacy long after you’re gone.
The Burdekin Association signed up with Gathered Here, an online will-writing service here in Australia (there are others internationally) who provide legally binding, free online will-writing services with unlimited updates for life.
About online wills
Although they have been around for many years prior, the use of online will-writing services accelerated during the pandemic, in part due to the restrictions of lockdowns, coupled with the consideration of our own mortality. Now post-pandemic online services such as will-writing continue to go from strength to strength.
Who should have a will?
Everyone – young, old and couples with children (especially). Once you’re over 18 you’re eligible, however many people put off writing a will until they feel they have to, or not at all. Major life events such as the purchase of a house, the birth of a child, an inheritance and sadly an illness diagnosis also prompt the writing of a will.
Interesting facts:
- In 2018, a study by ‘Which? Legal’ found that the average age of individuals writing a traditional will was 47.
- In 2022, almost a fifth of will-writers on Gathered Here were over the age of 65.
- In 2022, an estimated $224 million was pledged in online wills written via Gathered Here.
- Residual gifts are by far the most common type of gift pledged in online wills, accounting for 78 per cent of all gifts pledged on Gathered Here.
Leaving a gift in your will
There is a misconception that leaving a gift in your will is only for wealthy people with lots of assets. In fact, without the gifts left in wills from ordinary people, many charities wouldn’t be able to sustain themselves at the level they do.
Types of gifts in wills
- A residual gift – the amount left over after everything else is taken care of.
- A pecuniary legacy – a specified monetary gift.
- Specified legacy – particular items of worth.
Benefits to you
- Gathered Here is FREE.
- Unlimited updates for life.
- No obligation to leave a gift – the will-writing service is still free.
What leaving a gift in your will means to Burdekin and young people
Whether you are a new or long time supporter of The Burdekin Association, leaving a gift in your will is perhaps the biggest expression of your support of our work. Leaving a gift in your will allows us to plan for the future more effectively – creating a legacy, long past your lifetime.
