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Our team of financial experts help you navigate to and through retirement in this six-part series. See all stories.<\/a><\/p>\n With an estimated $5 trillion dollars set to be passed onto the next generation in coming decades, Australians are being urged to think seriously about estate planning.<\/p>\n \u201cWe\u2019re on the cusp of one of the largest wealth transfers we\u2019ve ever seen,\u201d explains Peter Hogg, general manager guidance and advice at Aware Super. \u201cThat\u2019s driven by an ageing population, rising asset values, house prices and superannuation.\u201d<\/p>\n It\u2019s common to think you need a certain level of wealth before bothering to make a will, but that\u2019s not the case, Hogg explains.<\/p>\n \u201cAs soon as you\u2019ve got assets, dependents, people you care about, it\u2019s worth putting some basic arrangements in place.\u201d<\/p>\n Related Article A will should form part of a more comprehensive estate plan, the Federal Government\u2019s Moneysmart website recommends<\/a>.<\/p>\n This can include a testamentary trust (as part of the will) and beneficiary nominations on your super account (more on that below).<\/p>\n If you can no longer make your own decisions, the estate plan can also include powers of attorney or guardianship<\/a>, or an advanced healthcare directive.<\/p>\n How to make a will There are several ways to make a legal will, but it\u2019s important to be aware that different states can have slightly different regulations.<\/p>\n \u201cOne of the biggest myths about estate planning is that it\u2019s really expensive and complex,\u201d says Hogg.<\/p>\n \u201cAnd, sure, there are areas where it can get a bit more complex, but for many Australians having a straightforward will can significantly reduce risk and make sure you\u2019re in control.\u201d<\/p>\n Options range from very basic DIY templates that can be downloaded for free, or kits available to purchase online, or engaging a solicitor, which can be especially important in more complex scenarios.<\/p>\n Adam Lubofsky, the founder of online will company Safewill says even if your situation seems straightforward, you\u2019re doing a huge favour for those you leave behind by fulfilling this responsibility.<\/p>\n \u201cIt is going to be more expensive and more time-consuming if there is no will in place,\u201d he says. If you die without a will, called \u2018dying intestate\u2019, the government dictates who receives your assets.<\/p>\n And once you start the task, you may find there\u2019s more you want to cover than you first imagine.<\/p>\n \u201cAt Safewill we\u2019ve seen a lot of personalised instructions,\u201d Lubofsky adds. \u201cWhether that\u2019s funeral wishes, specifying exactly what you want your send-off to look like; or pet-care provision; or specific gifts and assets to your loved ones; or leaving part of your estate to charity.\u201d<\/p>\n Writing a will is one thing, keeping it current across life events and stages is another.<\/p>\n \u201cA will is not a \u2018set and forget\u2019, \u201d Lubofsky cautions. In fact, several life circumstances impact the validity of a will, like marriage or divorce \u2026 so making sure that you keep it up-to-date is of utmost importance.\u201d<\/p>\n \u201cBecause if you write a will that isn\u2019t valid at the time it\u2019s surfaced, there isn\u2019t that much point to it.\u201d<\/p>\n Hogg agrees, saying ease of amending documents is crucial: \u201cWe would expect that over the course of someone\u2019s life, they might update their estate planning a number of times.\u201d<\/p>\n Related Article An often-overlooked aspect of estate planning is how super is treated<\/a>. \u201cSuperannuation doesn\u2019t automatically form part of your estate and that means it doesn\u2019t automatically go to your dependents,\u201d Hogg explains.<\/p>\n \u201cYour super is paid to the beneficiary nomination named in your super fund, so that makes that a really critical part of the process.\u201d<\/p>\n There are rules around who you can nominate<\/a> for this role, so check with your super fund \u2013 but the process is generally simple.<\/p>\n \u201cFor our members, you can do it online,\u201d Hogg explains. \u201cIt\u2019s called a \u2018binding non-lapsing nomination\u2019 so it doesn\u2019t expire, and it takes just five minutes.\u201d<\/p>\n Advice given in this article is general in nature and is not intended to influence readers\u2019 decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.<\/p>\n Expert tips on how to save, invest and make the most of your money delivered to your inbox every Sunday. Sign up for our Real Money newsletter<\/a>.<\/p>\n Save<\/p>\n You have reached your maximum number of saved items.<\/p>\n![\"Keeping](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/04\/9eb3e972832d91e7ffed07785eabc951b8c253fed7f5c9d4c5b5a5673604fea4.jpeg\")
Keeping your will up-to-date is of crucial importance.iStockWhen to make a will<\/p>\n![\"Most](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/04\/d924558e021ec91520fe12d6a03d0e1dde2b5c48.jpeg\")
<\/a><\/p>\n![\"Aware](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/04\/7c5b347d47e233513fc3ce4cdb547a08a6eb4f1c.jpeg\")
Aware Super\u2019s Peter Hogg<\/p>\n![\"Adam](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/04\/189bfa0c4bcf93d6699f85d7c0585687bc226369.jpeg\")
Adam Lubofsky.Keep it updated<\/p>\n![\"Data](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/04\/174d288f0417331db837d4d4527b62aad079a80608a698808b563f122d7e7112.jpeg\")
<\/a>Remember – super is different<\/p>\n