As Australia stands on the brink of the largest intergenerational wealth transfer in history, new data shows a significant shift towards digital estate planning solutions.

A recent survey conducted by Willed.com.au, an online will-making service, reveals that 38% of respondents “finally got around to” creating a will because of online services being more accessible and less daunting.

This surge in online will-making comes as the nation prepares for the so-called “Great Wealth Transfer” that will see an estimated $3.5 trillion in assets pass down from Baby Boomers over the next two decades.

“We’re seeing a real shift in how people approach estate planning,” says David Kaplan, co-founder of Willed. “The combination of the impending wealth transfer and the convenience of online services is motivating many to take action on something they’ve been putting off for years.”

The survey highlights several key findings:

  1. 54% of respondents cited avoiding “unwanted hassles and expense for loved ones” as their primary concern, underscoring the importance of proper estate planning.

  2. 48% of people delayed making a will because they thought it would be too expensive, a perception that online services are challenging.

  3. Half of the users reported feeling “relieved” after completing their will online, indicating the emotional benefits of estate planning.

Kaplan notes that these findings reflect a broader trend in financial planning. “People are increasingly aware of the need to prepare for the future, but traditional methods have been a barrier for many. Online services are breaking down these barriers, making end-of-life planning more accessible and less intimidating.”

The survey also revealed that 44% of respondents had put off making a will because they thought it would be too complicated. This perception is changing with the advent of user-friendly online platforms.

“What we’re seeing is a democratisation of estate planning,” Kaplan explains. “It’s no longer just for the wealthy or those with complex financial situations. Everyone deserves the peace of mind that comes with having their affairs in order, and technology is making that possible.”

According to Kaplan, “Whether you’re a Baby Boomer planning to pass down assets or a younger person just starting to build wealth, having a will is essential.”

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