Household wealth in Australia has passed $15 trillion and our median wealth per adult in Australia is the second highest globally behind Belgium.[1]In this aging society, “The Great Wealth Transfer” is expected to see $224 billion in inheritances occurring each year until 2050.[2]
Interestingly, 80% of Australians of high-net-worth Australians wish to leave a legacy but only 20% or one in five had made a plan. For most its an aspiration and “something they will get to when they have time”[3].

[1] Global Wealth Report UBS- 2023

[2] Productivity Commission, December 2023

[3] Generation Life Survey of affluent Australians – CoreData 2023

Estate planning is about structuring your personal affairs so that the right assets go to the right people at the right time in a timely and tax efficient way. Many people seem to think Estate planning is about having a Will. Its only one aspect and if you strategically assess the swathe of assets you accumulate over your lifetime, these often include superannuation, family trusts, business assets and properties. Many of these assets are active requiring ongoing involvement and intergenerational, meaning there needs to be a plan in place for how these assets are managed during your lifetime, if and when you become infirm and eventually how these assets will pass. Importantly, an Estate plan will deal with your assets as you age, not just on death.

Done effectively, an Estate plan should address multiple issues concurrently including:

• Protecting loved ones and those in your family group who may be more vulnerable,
• Minimising taxes – in Australia its easy to make errors and these can have serious tax consequences,
• Minimising the time and cost involved in probate,
• Maintaining your privacy and most importantly,
• Preserving family harmony and relationships.

At Future Gen we are well placed to deal with these concerns.