Intergenerational wealth planning is about far more than the transfer of assets from one generation to the next. In practice, it is about continuity — ensuring that wealth, family relationships and long-term intentions are preserved as circumstances change over time.

We regularly work with families who have built wealth through property, businesses, investments or rural assets. Often, careful decisions have been made along the way, but the broader intergenerational picture has not been formally addressed. Without a coordinated approach, even substantial wealth can become diluted, fragmented or a source of tension as it moves between generations.

Thoughtful intergenerational planning allows families to step back and consider not just what will pass on death, but how assets, control and responsibility transition over time.

 

Beyond a Will: Why Intergenerational Planning Matters

A Will is an essential foundation of any estate plan. However, for families with complex or long-term assets, a Will alone is rarely enough to achieve the intended outcomes.

Intergenerational planning considers how and when assets should be transferred, who should control assets at different stages, how family members are supported over time, and how disputes and unintended consequences can be minimised.

Without this broader framework, even a well-drafted Will can struggle to deliver the outcomes a family expects.

 

Different assets raise different challenges

Not all assets transition easily between generations. While cash and listed investments are relatively straightforward, property, businesses and rural holdings often raise more complex issues.

 Common challenges arise where families hold:

– multiple residential or investment properties,

– family trusts or companies,

– operating businesses,

– rural or agricultural land.

 Each of these assets raises distinct issues around control, liquidity, tax outcomes and fairness between beneficiaries.

 

Rural properties and family landholdings

Rural and agricultural assets often carry significance well beyond their financial value. They may represent a family legacy, an operating business, or land intended to remain within the family for generations.

Intergenerational planning for rural properties commonly involves balancing competing priorities, such as:

– keeping land intact rather than forcing a sale,

– ensuring the viability of the farming operation,

– providing fair outcomes for children who are not involved in the land or business,

– managing succession of control and decision-making.

 Without careful planning, rural estates can be particularly vulnerable to fragmentation or dispute.

 

Fairness does not always mean equality

One of the most sensitive aspects of intergenerational planning is managing perceptions of fairness. Equal distribution does not always reflect the realities of family life.

In practice, families often support children differently during life. Intergenerational planning allows these differences to be addressed transparently and intentionally, rather than leaving difficult decisions to be interpreted later.

 

The role of trusts in intergenerational planning

 Trusts are commonly used as part of intergenerational planning to provide flexibility, asset protection and control.

 When used appropriately, trusts can:

– separate control from benefit,

– protect assets from external risks,

– allow staged or conditional distributions,

– adapt to changing family circumstances over time.

 However, trusts are only effective where the succession of control is carefully addressed and aligned with the broader estate plan.

 

Timing and transition of control

Intergenerational planning is not limited to what happens on death. Many of the most important transitions occur during life.

A clear transition framework can reduce uncertainty, build capability in the next generation and preserve relationships across generations.

 

Managing risk and preserving relationships

 Intergenerational wealth planning is as much about people as it is about assets.

Without clear planning:

– misunderstandings can arise,

– expectations may diverge,

– decisions may be questioned later.

 

By addressing these issues proactively, families can reduce the likelihood of conflict and provide clarity at times when emotions are already heightened.

 

An ongoing process

Like estate planning more broadly, intergenerational planning should be revisited over time.

 Reviews are often appropriate when:

– asset values change materially,

– family circumstances evolve,

– children move into different stages of life,

– succession expectations shift.

 

How we can help

At Perspective Law, we assist families across Australia to develop intergenerational strategies that protect wealth, support family relationships and reflect long-term intentions.

If you would like to discuss intergenerational wealth planning in the context of your family or assets, please contact our office to arrange a confidential discussion.

Contact us  or phone us on 07 3839 7555 to start your discussion today.

 

Further information

What Happens if Your Will is More Than 10 Years Old 

Securing Your Legacy – How to Protect your Family Trust

Managing Trusts and Unpaid Present Entitlements in Your Will