IOOF launches investment bond

 
By Julie May
Wed 21 Oct 2009

 
Research commissioned by IOOF has shown a large number of Australians have not even thought about estate planning.

More than a third of Australians have not even considered estate planning or the transfer of their wealth to the next generation, research commissioned by investment group IOOF has revealed.

The study, conducted by independent researchers AC Nielsen, found 37 per cent of respondents had given no thought to estate planning, with 4 per cent saying it was an issue family and friends could deal with.

It reflects a worrying trend among Australia's ageing population, IOOF Investor Solutions general manager Renato Mota said.
"Estate planning ... ensures your assets are looked after in case of any illness, disability or circumstance that stops you from being able to make sound decisions on your own," Mota said.

"In the past a will was all that was needed, but with more and more people now holding assets in joint names, trusts and super funds, a more holistic approach is essential."

The IOOF study also showed 8 per cent of people were concerned about disputes over their estate.

"As much as you would hope family and friends would respect your wishes after your passing, the sad fact is that many can and do use the legal system to dispute a will," Mota said.