Inheritance in Australia: family and charitable distributions from personal estates

Baker, Christopher; Gilding, Michael

doi:10.1002/j.1839-4655.2011.tb00219.x

Cited by 16 publications

(10 citation statements)

References 15 publications

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“…These studies have included analyses of the distribution of estates (Baker and Gilding, 2011;Tilse et al, 2015), the prevalence of will-making (Tilse et al, 2015) and the distribution of assets in different demographic groups and regions (Gilding, 2005;O'Dwyer, 1996). Other studies have considered the implications of inheritance for elder abuse in Australia (Kaspiew et al, 2016) and the implications of housing inheritance specifically on housing supply (O'Dwyer, 1999) and wealth distribution (O'Dwyer, 2001).…”

Section: Introductionmentioning

confidence: 99%

“…Previous studies on inheritance in Australia have relied on state level convenience samples or data using specific asset types. For example,Baker and Gilding (2011) used probate data from Victoria and O'Dwyer (2001) made use of South Australian Property and Estate data. In this report, we build upon the extant NTA methodology to incorporate estimates of average assets and liabilities at average ages of death that are nationally representative.…”

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confidence: 99%

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Net Assets Available at Age of Death in Australia: An Extension of the National Transfer Accounts Methodology

Temple¹,

McDonald²,

Rice³

2017

Population Review

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Population ageing through much of the developed world presents the opportunity for a massive transfer of wealth across generations. One important and understudied intergenerational transfer in Australia occurs at or near death through inheritance or inter vivo transfers. In Australia, the number of deaths is projected to increase by 13% in just 10 years time, and by 95% mid century. With this significant change on the horizon, little academic interest has focused on the value of assets at age of death in Australia. In this report, we utilise the National Transfer Account (NTA) methodology to examine the per capita and aggregate (i.e., economy wide) value of net assets available at age of death in Australia for the years, 2003-04 and 2009-10. We take a substantial step in the development of a wealth transfer account within the National Transfer Account methodology by providing a procedure to estimate economy wide levels of assets and liabilities. We show that the assets available at age of death in Australia are very significant, amounting for between 60 and 70 billion dollars in 2003-04 and 2009-10. The majority of the asset value was tied up in property, with about three quarters of total average assets held in property by those dying at ages 65 and over. Using simulations, we also illustrate, that relative to the past, assets are now transferred much later in life because of the extended delay of death. We conclude with a discussion about government policies targeted at elder abuse and policies which constrain desired familial transfers.

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Section: Introductionmentioning

confidence: 99%

mentioning

confidence: 99%

Net Assets Available at Age of Death in Australia: An Extension of the National Transfer Accounts Methodology

Temple¹,

McDonald²,

Rice³

2017

Population Review

View full text Add to dashboard Cite

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“…The available academic literature on this topic is very small, and it is difficult to discern any particular pattern in the existing findings (Baker, ). One author finds that the contribution of lawyers in the promotion of bequests is crucial (Dauncey, ), and another author finds that such promotion is of no benefit to charities (Wise, ).…”

Section: Literature Review—bequest Promotion To Lawyers and Its Knownmentioning

confidence: 99%

“…Bequests are an essential source of income for charities (Sargeant et al , ), but data about bequests are often piecemeal and incomplete (Baker, ). In the USA, the total charitable bequests in 2009 were estimated at $23.8bn (Giving USA Foundation and the Center on Philanthropy at Indiana University, ), which represented 8% of the total charitable contributions.…”

Section: Introductionmentioning

confidence: 99%

Marketing charitable bequests to lawyers

McGregor-Lowndes

Hannah

2011

J of Philanthropy and Mktg

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• There is scant literature about the role of the lawyer in influencing the likelihood of a charitable bequest being made in a will. Charities regularly advertise in legal journals and supply bequest materials to lawyers, but the effectiveness of these strategies for influencing lawyers appears not to have been measured in the literature or in practice. Our exploratory research indicates that specialist estate lawyers report that they pay little or no attention to traditional marketing of charitable bequests to them and that lawyers' specific information needs from charities about bequests are not being satisfied appropriately. Our study reveals that lawyers do seek information from charities in order to write a will's bequest clause, once a bequest has been considered by the client. Lawyers indicated frustration with obtaining this information from charities, and we recommend some actions for charities to rectify this situation. Recommendations for enhanced bequest solicitation are made together with suggestions for pathways for future bequest research involving lawyers.

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“…In fact, in one Australian study, only a minority of people without a will (27%) even knew that succession laws would distribute their estate in case of their death, and 39% wrongly believed that their family members would be allowed to divide assets up as they saw fit (Tilse et al, 2016). Also, the preference of non-will holders often diverges from succession rules (Baker & Gilding, 2011). This suggests that, for people without a will, the heir status given a partner may be unintentional and undesired, with the married possibly involuntarily making their partner an heir, whereas the cohabiting risk unwittingly leaving theirs with nothing.…”

Section: Introductionmentioning

confidence: 99%

Conjugal testamentary practices in Canada: The gendered effect of children from other unions

Pugliese

Belleau

Biron‐Boileau

2022

J of Marriage and Family

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Objective This article explores the conjugal testamentary practices of married and cohabiting people aged 25–50 depending on having children from other unions, shared children, and gender. Background After the death of a partner, inheriting may reduce adverse financial consequences for the surviving spouse. However, the deceased's will defines whether or not the spouse inherits. Moreover, unmarried people may be less likely than the married to include their partner as one of their heirs, and parents (especially mothers) of children from previous unions may hesitate to bequeath to their current partner. Yet, conjugal testamentary practices remain understudied. Method Using data from Québec, Canada (N = 3052) and controlling for socio‐demographic factors, multinomial models explore the will status of cohabiting and married people and the position of partners as heirs depending on children situation and gender. Results Although most married people count their current partner as one of their heirs, only a minority of cohabitors do so. Also, cohabiting people with children from previous unions are less likely than those without to make their current partner an heir, especially if the couple has no shared children. In contrast, married women with children from previous unions are as likely as those without to include their spouse among their heirs, and married men are more likely to do so if they have children from a different union. Conclusion Results support the hypotheses of a matrilineal tilt in wealth transmissions as stepfamilies diffuse and of a “swapping families” effect of remarriage for men.

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Inheritance in Australia: family and charitable distributions from personal estates

Cited by 16 publications

References 15 publications

Net Assets Available at Age of Death in Australia: An Extension of the National Transfer Accounts Methodology

Net Assets Available at Age of Death in Australia: An Extension of the National Transfer Accounts Methodology

Marketing charitable bequests to lawyers

Conjugal testamentary practices in Canada: The gendered effect of children from other unions

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