13 June 2025
The Great Wealth Transfer in Australia: Why You Need a Lawyer
Australia is on the brink of the largest intergenerational wealth transfer in its history. Dubbed “The Great Wealth Transfer,” this economic shift will see trillions of dollars passed from Baby Boomers to younger generations over the next two decades. As aging Australians prepare to pass on their wealth, the importance of sound legal and estate planning advice has never been greater.
Whether you’re an inheritor, an estate planner, or someone with substantial assets, engaging a lawyer is critical to protect your rights, avoid disputes, and ensure that wealth is transferred smoothly and according to your wishes.
What Is the Great Wealth Transfer?
The Great Wealth Transfer refers to the massive shift of assets—including real estate, superannuation, investments, and family businesses—from older Australians to their children and grandchildren. Baby Boomers (born between 1946 and 1964) collectively hold a significant portion of the nation’s private wealth, and as this generation ages, that wealth is starting to flow to Gen X, Millennials, and Gen Z.
Women are also one of the greatest beneficiaries of this transfer as they inherit wealth from partners or parents or as they receive independent wealth after a separation.
Estimates suggest more than $3.5 trillion will be transferred by 2050. This change will reshape the Australian economy, influence property markets, and redefine generational financial power.
Why You Need a Lawyer
This transfer is not just a financial event—it’s a legal one. Here’s why having a lawyer is essential:
1. Estate Planning and Wills
A legally valid and well-structured will ensures that your assets are distributed as intended. Without one, your estate may be divided according to state intestacy laws, which may not reflect your wishes.
A lawyer can help:
- Draft or update your will
- Create testamentary trusts
- Minimise tax implications
- Protect vulnerable beneficiaries
2. Superannuation and Binding Death Benefit Nominations
Superannuation is not automatically covered by your will. A lawyer can help you:
- Nominate beneficiaries correctly
- Avoid disputes over super funds
- Ensure the right person receives your super
- Minimise tax implications
4. Divorce or Separation
Protect your assets or your families assets in the event of divorce or separation by:
- Drafting Financial Agreements
- Structuring your assets to minimise your risk
- Providing advice on how to protect gifts or loans
5. Avoiding Family Disputes
Inheritance often triggers emotional and legal conflict. Disputes over wills and estates are on the rise in Australia, particularly with blended families, estranged relatives, or unequal distributions.
A lawyer can:
- Mediate potential conflicts before they arise
- Defend or contest wills in court
- Ensure legal compliance in asset distribution
- Draft an Estate Plan that will minimise conflict and uphold your wishes
6. Business Succession Planning
Many Baby Boomers own small businesses. Without a legal plan in place, these businesses can falter or cause disputes.
Legal assistance ensures:
- Smooth transfer of ownership
- Clear succession arrangements
- Compliance with corporate laws
7. Asset Protection and Tax Planning
Transferring wealth can trigger capital gains tax, stamp duty, and other liabilities. A lawyer working with an accountant or financial planner can design structures like:
- Family trusts
- Testamentary trusts
- Gifting strategies
The Great Wealth Transfer presents both opportunity and risk. With trillions in play, proper legal advice is not optional—it’s essential. Whether you’re preparing to pass on your wealth or about to receive it, a lawyer will help you navigate the complexities of estate law, protect your rights, and reduce the chances of future disputes.
Now is the time to act. Speak to one of our experienced lawyers to ensure your family’s future is secure and your legacy preserved.



