Over the next decade, Australia is set to experience the largest intergenerational transfer of wealth in history. Baby Boomers currently hold more than 60% of the nation’s housing wealth, according to CoreLogic and the ABS. Estimates suggest that between $3.5 to $6 trillion in assets will pass to younger generations, with real estate making up a substantial portion of this handover.
This Great Wealth Transfer is set to have extensive implications for families, the property market and legal practice. For lawyers and conveyancers, particularly those specialising in wills and estates, it presents both pressing challenges and unprecedented opportunities.
The scale of the intergenerational wealth transfer cannot be underestimated. Much of this wealth is tied to property, which increases the overall value of estates and heightens the likelihood of disputes.
At the same time, as Baby Boomers live longer, age-related issues such as cognitive decline are becoming more prevalent, creating a greater need for careful planning and legal safeguards.
For estate planning lawyers, this combination of substantial property wealth and longer life expectancy is driving demand for broader guidance. Families increasingly need support with the transfer of assets on death and with the appointment of attorneys and guardians if they become unwell or lose capacity to manage their affairs.
Funding aged care needs is also an increasingly complex issue. For many individuals, the family home represents both financial security and emotional attachment, potentially complicating estate planning.
“The financial necessity for aged care is difficult when the main asset is the family home and their partner wants to stay in the home,” explains InfoTrack’s Wills and Estates Lawyer, Danielle Manion. “Couples may look to family members or other third parties to finance these needs, which requires further and more complex legal advice, especially if there are issues of capacity involved.”
The complexity of the estates and these capacity challenges are factors contributing to disputes and delays in estate administration. Practitioners who can help families navigate these sensitive issues with clarity, efficiency and empathy will be well-positioned to deliver greater value to their clients.
For conveyancers and property lawyers, this moment is an invitation to expand into complementary services. Clients will increasingly need holistic advice that bridges estate planning, property transfers and wealth preservation. Firms able to integrate these touchpoints stand to build stronger, longer-term client relationships.
One of the ways legal professionals can prepare for the increase in demand is by embracing change and new technology.
“Solicitors can benefit greatly from staying on top of changes in the law and being open to new ways of improving their systems and processes with technology” Danielle says. “Whether it is, moving away from paper-based systems to digital forms and procedures or using technology to verify the identity of a client, adaptability is key.”
This mindset of continuous improvement is about technology adoption and business resilience. Firms embracing digital solutions will find themselves more adaptable, efficient and attractive to clients seeking modern legal services.
While the scale of this shift brings challenges, it also creates space for lawyers to deliver greater value to their clients. Technology plays a pivotal role here.
“By reducing the time spent on manual and repetitive tasks, practitioners can focus more on spending quality time with clients to understand their concerns and build the relationship,” says Danielle. “This leads not only to better outcomes for the client, but also for the business itself, as effectively communicating with clients reduces risk and results in greater productivity and commercial success.”
Technology is also essential for meeting a lawyer’s professional obligations. For example, lawyers must keep detailed file notes of conversations with clients and instructions received. Digital tools can make this process faster and more accurate.
Verification of identity services further reduce the risk of fraud, while advances in artificial intelligence promise to ease the administrative and research burden. Together, these tools free lawyers to deliver higher-value advice.
The Great Wealth Transfer is also about how the next generation of lawyers will rise to meet growing demand. Future success will require more than legal knowledge alone.
“Lawyers should continue to develop their professional and personal skills such as in time management, collaboration and effective communication. These skills will become increasingly important as AI and other advances in technology work to reduce the administrative load,” says Danielle. “Prioritising wellbeing and health are also important so you can continue to provide the quality advice your clients depend upon.”
The Great Wealth Transfer represents a once-in-a-generation change in the Australian property landscape and in the practice of law. For lawyers and conveyancers, the question is not whether this change will happen, but how prepared they will be to manage its impact.
Those who embrace new tools, prioritise client relationships and commit to continuous improvement will thrive. The combination of technology and personal skills will determine which practitioners are best placed to guide clients through this era of unprecedented change.
Learn more about how InfoTrack can support Wills & Estates practitioners by booking a complimentary demonstration here.
