The China Will Registration Center report shows that the number of households and individuals making wills increased by nearly 19% over four years.
The average age of testators decreased from 77 to 67, with a particular increase in applications from young and middle-aged people.
During the period 2017-2023, the unit recorded an increase in the number of consultation cases in this age group from 931 to 17.101, while cases of will storage increased 24,5 times.
The assets in the will have changed significantly, focusing on online banking assets, games and virtual currencies. The center received 488 wills related to online assets, of which people in Beijing, Shanghai and Guangdong accounted for more than 89%.
A 21-year-old girl at her will-making session in Beijing, March 3. Image:qq
China's Will Registration Center has 60 locations nationwide, providing will-making services for 479.000 individuals and protecting wills for 310.000 cases after 11 years of operation. They conduct surveys and evaluate the trend of making wills every year according to changes in the economy and society.
Median household wealth has increased over the past three years, from $872.000 to more than $1,13 million. Accumulated assets are becoming more diversified. Groups over 60 years old often store real estate, company stocks, securities, financial management contracts and valuable collections.
Among young and middle-aged people, real estate accounts for more than 97% of registered assets and bank deposits are 35,5%.
The report states that an increasing number of unmarried individuals have prepared wills since 2017, with women accounting for nearly 70% of this group.
In 2020, the center launched an application on WeChat that helped create 97.347 online wills. Chinese youth are loving this service with 20% of people under 26 participating and 20% of the 29-35 age group.
The will has no legal value, but at its peak, 1.000 people created applications every day. At the same time, the platform allows users to schedule work at the China Will Registration Center.
Ngoc Ngan (Follow Sixth tone)
