This month we want to talk about wills, gifts and legacies with you. January typically is a month full of optimism and New Year’s resolutions, a time when many tidy up our financial affairs to start the year with our best foot forward. Now is a good time to prepare a will and be prepared for whatever the future may hold, a good time to tidy our affairs and be ready for all eventualities.
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 that keeps giving for our work in your will, creating a legacy long after you’re gone.
Burdekin signed up to Gathered Here, a completely free of charge online will-writing service here in Australia which provides legally binding 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 continue to go from strength to strength because they have proven to be easy to use and effective.
Who should have a will?
Everyone – young, old and couples with children, couples without children, singles. Once you’re over 18 you’re eligible, however many people put off writing a will until they feel they have to, or don’t do it at all. Major life events such as the purchase of a house, the birth of a child, an inheritance and sadly an illness diagnosis often prompt the writing of a will.
Interesting facts:
- A survey conducted in 2022 revealed that circa 40% of Australians who created a will in the past year used an online service. This reflects a growing shift from traditional methods of will creation towards digital platforms.
- In 2022, almost a fifth of will-writers on Gathered Here were over the age of 65 with the average age of Australia will writers of 47!
- 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% 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 people with normal incomes, 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 valuable items.
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
What leaving a gift in your will means to Burdekin and young people: whether you are a new or long-time supporter of Burdekin, leaving a gift in your will is perhaps the biggest expression of support for our work. Leaving a gift in your will allows us to plan for the future more effectively – creating a legacy, long past your lifetime.
