Australia’s Great Wealth Transfer: Why Estate Planning Has Never Been More Critical

Over the next decade, Australia will witness the largest intergenerational wealth transfer in its history. Estimates suggest more than $3.5 trillion will pass from generation to generation and this shift is already underway.

But with great wealth comes great risk and many Australians are unprepared and do not have a proper estate plan in place.
Without a well-considered estate plan, families can find themselves mired in confusion, costly disputes and unnecessary tax burdens. Not having an up to date Will or simply failing to plan at all can lead to costly legal battles and unintended consequences.
Proper estate planning isn’t just about distributing assets.

It’s about:

• Protecting family wealth from creditors or family breakdowns
• Ensuring vulnerable beneficiaries are supported appropriately
• Reducing tax implications for your estate and your beneficiaries

A well-thought-out plan should consider assets not only held in your personal name, but also those held in any companies, family trusts, superannuation funds or other structures. It should also include enduring powers of attorney to protect your interests in the event of loss of capacity.

Even families who don’t consider themselves “wealthy” often own a home, superannuation and other assets such as life insurance that can add up quickly. Planning now — with professional and tailored legal advice — ensures your assets are passed to your beneficiaries at the right time and in the most effective manner.
Our team are always ready to guide you through your estate planning. To make an appointment please contact us on 03 5032 4809.