There’s a wealth tsunami on the horizon for Australia. In the next two decades, an eye-watering $3.5 trillion is set to be passed from older Australians to younger generations – the biggest handover of wealth in our nation’s history. It’s a transfer of seismic scale that has financial experts and families alike sitting up and paying attention. If you’re an Aussie in your 60s or beyond, chances are a good chunk of your life savings – your home, superannuation, investments – will be part of this massive cascade of inheritances. The big question is: are you and your family prepared for it?

It turns out many aren’t. Despite the fortunes at stake, an estimated 70% of Australians do not have a legally binding will. That’s right – most people haven’t written down who gets what when they’re gone. It’s a startling reality, and it means a lot of families could be headed for confusion or conflict when that wealth changes hands. As one estate planning lawyer bluntly put it, “Our lives can be complex, so estate planning is now more than simply writing a will.” In other words, there’s a lot more to think about than just jotting down a few names on paper.


Why does this matter so much now? For one thing, the sheer size of the wealth being transferred is unprecedented – and where there’s money, there can be mishaps. “Australia is on the brink of an unprecedented wealth transfer,” notes one financial planning firm, emphasizing that without proper planning, this “staggering” handover could get messy. We’re talking about everything from family homes and bank accounts to superannuation nest eggs and heirloom jewelry all moving to the next generation. If not handled right, this process can strain finances – and relationships.

In fact, legal experts are already warning of a spike in inheritance disputes as families navigate more complicated situations. Blended families – with second marriages, step-children, and the like – add a layer of complexity that didn’t exist as often in the past. Australian lawyer Alun Hill observes that with more second and third marriages these days, it’s becoming “increasingly common for a surviving spouse’s family to ultimately inherit the deceased’s partner’s assets at the expense of that partner's children from their first marriage”. Ouch. You can imagine the potential for hurt feelings (and legal battles) if, say, Dad’s kids from his first marriage end up with nothing because everything went to a new stepmum and eventually her kids. Hill and others say that without clear plans, such scenarios – and the “disgruntled” relatives they create – are almost inevitable.


All of this sounds a bit grim, but here’s the good news: a little planning goes a long way. With the right steps, you can take control of your legacy, make sure your money goes where you want it to, and even strengthen family ties in the process. Think of it as giving a final gift to your loved ones – not just the dollars and cents, but the gift of clarity, fairness and peace of mind. As Julia Tonkin, a wills and estates specialist at law firm Maddocks, explains, “Estate planning is important because, when done well, it can provide support, opportunity, protection when needed, and certainty for those who are most important to us”. In short, good planning means your wealth can help your family, not haunt them.


So how can Australian seniors plan for this great wealth transfer in a way that benefits everyone? Below, we break down some simple, effective steps – from writing a will (finally!) to smart conversations with your kids – that can make all the difference. Grab a cuppa, and let’s dive into the practical stuff.

Simple Steps for a Smooth Wealth Transfer​

Planning your legacy might sound complicated, but it really comes down to a few key steps. Here are some straightforward strategies to ensure your hard-earned wealth ends up helping your family – and not causing headaches.

• Write or Update Your Will: First thing’s first – if you don’t have a will, make one. A will is the cornerstone of any estate plan. It’s the legal document that says who gets what when you’re gone. Astonishingly, about two-thirds of Australians die without a valid will, which often leaves their families in messy situations. Don’t assume your money or home will “just go to” the right people automatically. If you pass away intestate (lawyer-speak for “without a will”), state laws will decide how your assets are divided – and that may not align with your wishes at all. So, get a will in place and ensure it’s legally binding (typically meaning it’s signed and witnessed properly).
  If you already have a will, review it regularly – especially after major life events like the birth of a grandchild, a divorce, or the death of a beneficiary. An outdated will can be just as problematic as no will. For example, if your will still names your ex-spouse or a deceased sibling as a beneficiary, that could complicate things. Keeping it up to date spares your family confusion later on.
  Tip: If your situation is simple (say, leaving everything to your spouse and kids), a basic will kit or template might do the job. But if you have a more complex family setup or significant assets, it’s wise to get advice from a wills and estates lawyer. Many organizations even offer free or discounted will-writing for seniors at certain times (for instance, local trusts or community legal centers might run promotions). The key is to not put it off – as the old saying goes, “the best time to write a will was yesterday, the second best is today.” Your family will thank you for it.

• Nominate Your Super Beneficiaries: Here’s a big one that often catches people by surprise – your superannuation isn’t automatically covered by your will. Super is held in a trust by your super fund, which means when you die, the money in your super and any life insurance attached to it may not go to your estate (and therefore not get distributed per your will). Instead, it’s up to the super fund trustees to pay it out, and they typically can only pay it to your dependants or your estate. Many Australians are shocked to learn this quirk of the system, but it’s true.
  What can you do? Fill out a Binding Death Benefit Nomination form with your super fund. This mouthful of a form lets you name exactly who should get your super (for example, 100% to your spouse, or 50/50 to two adult children, etc.). If it’s a binding nomination and it’s valid, the fund must follow it – which gives you control. Without it, “the money might not end up where you think”, warns financial adviser Peter Hogg of Aware Super. He notes that about two-thirds of his fund’s members haven’t told the fund where they want their super to go – meaning the majority of people haven’t made a binding nomination and are leaving that decision up in the air.
  Don’t leave your super to chance. Contact your super fund and ask about nominating beneficiaries. Some nominations lapse every few years (typically every 3 years for many binding nominations) and need renewal, so check the rules for your fund and diarize to renew if required. And remember, super can be a big asset – for many retirees today, super payouts can be hundreds of thousands of dollars. Make sure that money heads to the right place, whether that’s your partner, your kids, or even a charity. It’s your call – but you have to make it.
• Know What’s Not Covered in Your Will: We’ve covered super, but it’s not the only thing that might sidestep your will. Other assets can pass outside of your estate automatically, and you should account for those in your planning. A common example is jointly-owned property. If you own your home jointly with your spouse as joint tenants, when one of you dies, the house automatically goes to the survivor – it doesn’t form part of the deceased’s estate at all. The same goes for joint bank accounts – the survivor typically keeps the lot. This is known as the “right of survivorship”.
  Why does this matter? Well, if you assumed you could leave your share of the house to, say, your children from a first marriage, that won’t happen if the ownership is joint – it’ll go to your current spouse by law. To avoid surprises, understand how your key assets are held. Assets owned as “tenants in common” (where each person has a defined share) can be left in your will to someone else, but joint assets cannot. Also, if you have assets in a family trust, or you are a director of a private company, those are separate legal entities – you can’t leave “the trust’s assets” in your will (though you can pass on control of the trust or company shares through estate planning mechanisms).
  The takeaway is to take stock of which assets would be dealt with by your will and which wouldn’t. This might sound technical, but a quick chat with an estate planner or knowledgeable adviser can clarify it. Armed with that info, you might decide to adjust how an asset is owned, or at least inform family members so they understand the plan. The more clarity, the less room for confusion or conflict later on.

• Prepare Powers of Attorney (and Other Key Documents): Estate planning isn’t just about what happens after you die – it also covers who can help you while you’re alive if you no longer can manage. For seniors, it’s crucial to set up an Enduring Power of Attorney (EPOA) – a legal document that appoints someone you trust to make financial and legal decisions on your behalf if you lose capacity. This person (often your spouse or an adult child, or a trusted friend/professional) will be able to pay your bills, manage your bank accounts, and generally look after your financial affairs if, say, you have a stroke or develop severe dementia and can’t do it yourself. Without an EPOA in place, your family might have to go through a cumbersome court process to get that authority, which can be stressful and costly.
  Similarly, consider an Enduring Guardianship or health care directive – this appoints someone to make personal and medical decisions for you (like where you live, what medical treatment you receive) if you can’t decide. While not directly about money, these plans can prevent family disputes and protect your wishes, which indirectly helps preserve your estate. For example, having a clear directive about nursing home care or life support can avoid agonizing conflicts between relatives (and potential legal battles that could drain your estate). It’s all part of the holistic planning picture – remember, estate planning is about taking care of you and your loved ones, not just divvying dollars.
  Bottom line: Getting these documents in order early means that someone you trust will be able to step in smoothly if needed, ensuring your affairs stay in order. It’s a kindness to your future self and your family.
• Communicate Openly with Your Family: Money can be a taboo topic, but when it comes to your estate, a bit of open conversation can save a world of heartache later. You don’t need to show your kids your bank statements, but it’s wise to let your beneficiaries know the broad strokes of your plans. If you intend to leave more to one child than another, or give a chunk to charity, consider explaining your reasoning ahead of time. It can be as simple as, “Your sister has a disability, so we’re setting aside a larger portion for her care,” or “We helped your brother buy a house earlier, so the will evens things out by leaving more to you.” These can be delicate talks, no doubt. But having them while you’re around to answer questions can prevent lingering resentment or shocks after you’re gone.
  Lack of communication is a major factor in will disputes. Often, family members contest a will because they feel blindsided or suspect foul play. By being transparent about your wishes, you reduce the chance of misunderstandings. You might even involve your family in aspects of the planning – for example, asking who might want particular sentimental items (Grandma’s brooch or Pop’s war medals) so that you can note those down. When everyone knows what to expect, the focus can be on celebrating your life and legacy, rather than squabbling over who gets the dining set.

• Plan for Blended Family Dynamics: If you have a blended family – for example, children from a previous relationship, or a spouse who has children of their own – your estate planning needs extra care. This is where many people stumble, as highlighted earlier by Alun Hill’s observations. When there’s a step-parent and step-kids in the mix, things can get complicated fast. Without a clear plan, you could inadvertently disinherit someone you care about, or conversely, leave assets to someone you didn’t intend. For instance, say you re-marry later in life and in the absence of a will, your new spouse could inherit most of your estate. If that spouse later passes away (or remarries), your children from your first marriage might receive nothing – the assets could end up with your spouse’s kids or new partner. That might not be what you wanted. “With the rise in blended families, particularly involving second and third marriages, it is becoming increasingly common for a surviving spouse’s family to inherit assets at the expense of the first family’s children,” Hill warns.
  To avoid this scenario, spell out your intentions clearly. You might consider setting up a testamentary trust in your will – for example, giving your spouse a lifetime right to stay in the home or receive income from investments, but ultimately ensuring the capital goes to your children later. Or you might split assets between your spouse and kids directly in the will. There’s no one-size-fits-all answer here, because every family is different. The key is to recognize the risk and take steps to mitigate it. This might be one area where professional legal advice is really valuable, as the laws around who can contest a will vary by state, and a lawyer can help structure things in a way that’s both fair and as challenge-proof as possible.
  Also, loop back to the previous step: communicate. Blended families sometimes have underlying tensions or sensitivities. Being open about your plans (“I’ve made sure both your stepmum and you kids are looked after, here’s roughly how…”) can reassure everyone and minimize suspicion. It may not eliminate all jealousy or disappointment – human emotions are what they are – but it at least sets expectations and shows that you tried to be fair to all. In the end, careful planning in a blended family is about keeping the peace as much as it is about dividing the property.

• Consider Giving Before You Go: Traditionally, inheritance winds up in the kids’ hands when parents pass away. But here’s a thought: could you help your family out sooner, while you’re still around to see it? More and more seniors are considering “giving with a warm hand” – gifting money or assets to children or grandchildren now rather than as an inheritance later. There are several potential benefits to this. For one, your family might need the money more urgently now than they will in 10 or 20 years. According to AMP research, 90% of intergenerational wealth transfer in Australia happens through inheritances at death, and most kids are over 50 by the time they get that financial boost. By that age, your children might have already struggled through the expensive years of raising kids or paying off a mortgage without help. If you’re in a comfortable position, even a modest gift now – say to help with a home deposit, or to fund the grandkids’ education – could have a far greater impact on their lives than a larger sum decades later.
  Another benefit: you get to witness the positive impact of your generosity. There’s a certain joy in seeing your son finally move into a home of his own that you helped him buy, or watching your granddaughter graduate from university debt-free thanks to your support. It’s the kind of reward you simply can’t enjoy if all your giving happens posthumously. It might even strengthen your relationship with your family, as they appreciate your help and you share in their milestones. Plus, early giving can slightly reduce the size of your estate, which could in turn simplify things when the time comes – smaller estate, potentially fewer things to fight over (not that we expect your lovely family to fight, but it’s been known to happen).
  Of course, there are important caveats. First, never compromise your own financial security. Make sure you retain enough to fund your retirement and any curveballs (like medical expenses). It’s that old airplane oxygen mask analogy – secure your own finances before assisting others. Many retirees worry (quite reasonably) about running out of money in old age, which is why most wealth is only passed on at death. If you’re unsure how much you can safely give now, talk to a financial adviser. They can help project your retirement needs and figure out what’s surplus.
  Second, be aware of Australia’s gifting rules if you’re on the age pension or expect to be. Centrelink allows you to give away a certain amount (currently around $10,000 per year, capped at $30,000 over five years) without reducing your pension benefits. Gifts beyond those limits can affect your pension eligibility, at least for a few years, by counting as if you still held that money. So plan any large gifts carefully – you might stagger them over a few years, or simply ensure you’ll still have enough assets to live on even if your pension is reduced. The goal is to help your family and keep yourself comfortable.
  Finally, if you do give substantial gifts, consider documenting them or even adjusting your will to account for them (“I gave $50k to my daughter Jane in 2025, so she will receive $50k less of my estate to keep things equal,” for example). This can manage expectations among siblings and avoid perceptions of favoritism. It all ties back to transparency. Early generosity can be a win-win, as long as it’s done thoughtfully.

• Seek Professional Advice When Needed: Personal finance is personal – everyone’s situation is a bit different. While the steps above cover the basics, you’ll want to get expert advice if your circumstances are at all complex or if large sums are involved. Estate planning solicitors, financial planners, and tax advisors can provide guidance tailored to you. For instance, if you have a family business, a farm, or investment properties, there might be specific strategies (like family trusts or business succession plans) to ensure a smooth transfer that minimizes tax or stamp duty. If you have a child with a disability, you might need to set up a special trust to provide for them without affecting their government support. If you’re worried about challenge-proofing your will (say you suspect someone might contest it), a lawyer can suggest ways to structure your estate or alternative methods (like giving assets via joint ownership or super beneficiaries) to make it harder to challenge.
  There are also services that can help facilitate family discussions if you think it’ll be tough to get everyone on the same page. Some financial advisers act almost like mediators, running family meetings about wealth transfer. The point is, don’t hesitate to use the resources out there. Consider it an investment in family harmony and financial efficiency. Often, the cost of good advice is far less than the cost of a family feud or a bungled estate.
  And here’s something to remember: planning for your wealth transfer isn’t a “set and forget” deal. Revisit your plan every few years. Laws change (for example, superannuation rules or pension thresholds may shift), family situations evolve, and even your own views on what you want to accomplish with your money might change as grandchildren arrive or as you age. By keeping your plan up to date, you ensure that when the time comes, there are no nasty surprises. Instead, your legacy will be carried out smoothly, just as you intended.

Early Planning Pays Off – In More Ways Than One​

We’ve covered a lot of ground – from wills and super forms to heart-to-heart chats over the dining table. It might feel a bit overwhelming, but it boils down to this: early and thoughtful planning can turn Australia’s great wealth transfer into a positive force for your family. Not only can it protect and even boost your family’s financial well-being, it can also strengthen your personal relationships. How so? When you plan ahead, you’re reducing uncertainty and potential conflict. Your family won’t be left guessing at your intentions or battling each other in court. Instead, they’ll be able to focus on supporting one another and honouring your memory when the time comes. That’s a priceless benefit.


There’s also a certain peace of mind that you gain by having your affairs in order. Many seniors say they feel relief once they’ve ticked these tasks off – it’s one less thing to worry about, knowing that your loved ones will be looked after and your wishes respected. As Julia Tonkin noted, a good estate plan provides “certainty for those who are most important to us”. It’s a comfort to know you’ve done what you can to make life easier for your family in the future.


And let’s not forget, planning your legacy can be an empowering process. It’s a chance to reflect on what you’ve achieved, what you value, and how you want to be remembered. Maybe it leads you to conversations you wouldn’t otherwise have – like sharing stories behind certain bequests (“I’m leaving you Grandpa’s tools because I remember how you two built that cubby house together”). It shifts the narrative from just dollars and inheritance to one of heritage and values.


Australia is indeed on the cusp of a “staggering” wealth transfer, but whether that leads to family flourishing or family feuding largely depends on us – the seniors passing the torch. With some simple steps and open conversations, we can help ensure our life’s earnings become a blessing, not a burden, to those we care about most. After all, estate planning isn’t really about dying; it’s about loving your family in the ultimate way – by planning ahead for their wellbeing.


So, as you relax with your cup of tea (or maybe something stronger after reading all this!), take a moment to think about your own situation. You don’t have to be super-rich for this to matter – whatever you’re able to leave, small or large, will be meaningful to your beneficiaries. The key is making a plan that fits your family. You’ve worked hard for what you have. Now is the time to make sure it can do the most good in the long run.


And that brings us back to you: What steps will you take to make sure your legacy brings your family together, rather than pulling them apart?