Short Story Series: Australia’s $5.4 Trillion Wealth Transfer — And Why a Will Isn’t Enough

Karunn Shahani

Principal Lawyer and Managing Director

The Biggest Wealth Transfer in Australian History

$5.4 trillion is changing hands in Australia right now.

It’s the largest intergenerational wealth transfer the country has ever seen.

But most families haven’t properly planned for it.

The Common Mistake: Relying on a Will Alone

Many people think having a will means their estate is sorted.

It doesn’t.

A will only deals with some of your assets — not all of them.

What Your Will Doesn’t Cover

A significant portion of wealth can sit outside your will, including:

  • Superannuation (without a binding nomination)

  • Jointly held assets (which pass automatically)

  • Family trusts and company structures

Without proper planning, these assets may not go where you expect.

What We See in Practice

These issues come up more often than people realise:

  • Families who thought everything was organised

  • Super with no binding nomination — leaving decisions to the trustee

  • No Power of Attorney in place before a health crisis

  • Loved ones dealing with applications through New South Wales Civil and Administrative Tribunal (NCAT), costing time and money

The Real Risk

The risk isn’t just legal — it’s practical:

  • Loss of control over how assets are distributed

  • Delays in accessing funds

  • Unnecessary disputes between family members

  • Missed tax planning opportunities

A Will Is a Starting Point — Not a Plan

A proper estate plan looks at the full picture:

  • Your will

  • Enduring Power of Attorney

  • Enduring Guardian

  • How each asset is owned and transferred

It ensures everything works together — not in isolation.

The Opportunity: Structuring It Properly

With the right structure in place, families can:

  • Protect assets for future generations

  • Minimise tax (including through testamentary trusts)

  • Avoid unnecessary disputes

  • Ensure smoother administration of the estate

The Takeaway

If You Have Significant Assets, Your Estate Plan Needs to Reflect That

The $5.4 trillion wealth transfer is already underway.

The question is whether your plan is ready for it.

When to Act

Not after:

  • A diagnosis

  • A dispute

  • A crisis

Now.

Speak to an Estate Planning Lawyer

If you’d like to understand what a proper estate plan looks like for your situation, it’s worth getting advice before these issues arise.

Wills & Estates

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