Should you write a will?

Its definitely not the most fun task in the world, but there are two certainties in life – taxes and death.

So, the news that half of all Australian adults have not written a will is worrying even if they don’t have a lot of assets, or think they don’t. Writing a will is so important and will save your loved ones a lot of drama.

Even if you’re not well off or don’t own a house or car, superannuation, shares and life insurance benefit all count as assets that could be in danger of being taken over by your state, if you don’t have a will bequeathing them to family, friends or even a charity.

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A finder.com.au survey of 2,011 Australians found that 52% – equivalent of 9.9 million adults –run the risk of their estate being distributed by their state’s laws because they have no will in place.

More half of those surveyed across all states including Victoria, New South Wales and Western Australia admitted they have never written a will, with the exception being Queensland, where a slightly higher proportion had gone to the trouble of creating one.

One in seven of those polled believe they don’t have enough assets to justify it, while a massive one third said they just haven’t got round to it yet. 4% of respondents said they don’t want one.

Having a will in place is especially pertinent if you have kids under 18 or are a single parent, and nominating someone as the guardian of your children is reason alone for getting your will in order.

“Most people don’t like to think about their death and fewer still enjoy paperwork, but if you die without making a valid will, your assets could be distributed in a way you would not have chosen,” warns Kate Browne, Personal Finance Expert at finder.com.au.

“Nothing is certain but death and taxes so consider it your duty to prepare a will long before you need one – your loved ones will always be better off if you do.”

Unsurprisingly the research found Australians are more likely to have a will as they age.

Nearly eight in ten Baby Boomers have a will, while only one in five in Generation Y’ers have one.

Generation Z are the most clueless with 9% admitting they don’t know whether they have a will or not.

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What to remember when creating a will:

In order to be valid, a will needs to be in writing (either handwritten or typed) and dated and signed in front of two, preferably independent, witnesses who are not beneficiaries.

You can create a will with do-it-yourself kits, as long as it is properly witnessed.

Express your intentions clearly to reduce the chance of any argument over who you wanted to get what.

You can also opt to have a professional, like a solicitor or a public trustee of your state, create your will with you. If you are concerned about tax issues, this may be the best route for you to pursue.