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Michael Ow is a migrant from Malaysia who has just prepared a new will.
The 55 year-old works at the Australian Cancer Research Foundation and, with the blessing of his family, has left the charity a small bequest.
"One per cent of whatever I've left when passed. So hopefully that will go towards some cancer research. We discussed it with our children and they said, yeah, that's great. Everybody needs to do their part in terms of contributing back to the community in terms of 'right, we’ve got to cure this disease, cure cancer.'"
And there is another reason Mr Ow would like to help beat a disease that claims 60,000 lives in Australia each year.
As a teenager he lost his younger cousin Pui Fun to leukaemia.
Decades later, it’s his way to honour her memory.
"Growing up she was almost like a little sister to me. That was very heartbreaking to see that one day she's not there any more at family gathering. I feel that leaving this gifting will not just benefit my family in terms of finding a cure, for cancer research. It will also help other families."
It’s a gift the Australian Cancer Research Foundation is grateful to receive to help further its often groundbreaking research.
CEO Kerry Strydom explains:
"Over two in five people in Australia will be diagnosed with cancer by the time that they're 85. That's quite an alarming statistic. At the moment we are looking at about 165,000 people diagnosed with cancer each year. So, it's really, really important that we conduct this research, we investigate new things, innovative ideas."
The Productivity Commission estimates that $3.5 trillion in assets will be transferred between generations in Australia by 2050.
However only a fraction will go to good causes.
And the cost-of-living crisis is also having an impact, according to a decade of tax data.
KPMG Economist Terry Rawnsley explains.
"What we've seen over the last 10 years, when interest rates increase, wages are growing slowly, we see less people giving to charities. These are people who are probably having problems getting food on the table for themselves."
It’s not just medical research that’s missing out.
The Red Cross provides vital services to millions impacted by natural disasters and social crises.
Deputy CEO Penny Harrison says bequests are badly needed.
"The extraordinary gifts of a legacy from someone passing funds through their will makes an incredible difference not only, for example, to the way that we can train and prepare volunteers but also to invest in some of those core services that are required by Australian Red Cross year round, for example support to asylum seekers and refugees."
Like many charities, the Australian Red Cross has specialist lawyers to assist people to prepare a simple will, including a bequest.
Ms Harrison explains.
"One of our solicitor networks, they will provide a considerably reduced fee to really support you prepare your will well. And they are willing to hold one-off consultations with referred Australian Red Cross supporters because the will reflects who you are and what's important to you, to your loved ones, family and causes and charities that are somehow meaningful for you. It's the way in which you can gift your assets for the future."
For Michael Ow, living well means talking about death and preparing for the inevitable.
"The process of leaving a gift in a will is quite easy. Many people think that it costs a lot of money. Many people think it's a very complicated process and as mentioned, a lot of people think it's taboo subject. They don't want to talk about death, they don't want to talk about leaving it. We need to encourage more people in our culture to provide gift in will to charities to support great causes like cancer research."
However, he says leaving a legacy means more than just money.
"My advice to everyone is cherish those people around you. Dance as if there's no tomorrow. Live your life today and tell them that you love them!"
