Chapter 1: What is the main topic discussed in this episode?
You're listening to a Sharesies podcast.
Half of us don't have a will. And that's the kind of legal limbo that saw someone recently hand 700 grand to the government when they passed away without all the paperwork in order. It's time for some grown-up admin.
Chapter 2: Why do so many people not have a will?
I'm joined here in the studio by Tammy McLeod from Davenport's Law and also Naomi Gary from Sharesies. How on earth do only half the people around the place have a will, Tammy?
I think a lot of it is because people think that you have to be old to have a will. So there's lots of people who don't have a will because they don't think they're old enough. And apparently about 50% of those people are over the age of 50. I think the other thing is also that people don't like to think about their own demise. And so it's a scary thing. It's emotional.
They have to think about not just their wealth, but also their children, their families, what happens next. And that can be terrifying for people to think about.
So we did a survey when we were first looking into the space of estate planning and wills. 70% of those that participated in the survey didn't have a will in place. And these are engaged investors who are wealthier typically and have started building their wealth, but they maybe don't have that level of protection in place.
I mean, we've got over a million customers on the platform now, and we've got a really diverse range of customers. About 65% of our customers are under the age of 40, but we still see 10, 15 deceased estates a week
You know, it's much more difficult to manage those estates when your wishes aren't documented and your family maybe doesn't know what you want to happen with your assets and those that you love.
So this is really affecting people?
You know, there's research out of the US and Australia that suggests that if you're a female and you become a widow, particularly if you're younger, you are more likely to end up below the poverty line. And so this is a real problem. pressing problem that society is facing.
Also alongside that research, I was finding that there used to be kind of recognition by the government, both in Australia and New Zealand, that there is particular hardship if you become a widow. And there were certain benefits that they were eligible for. And both governments have quietly tucked their that policy away now and you're just seen as a single parent.
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