Estate planning is no longer just about writing a will. As families become more diverse, people live longer, and our lives become increasingly digital and global, the way Australians plan for the future has changed dramatically.
At Priority1, we believe estate planning should give you peace of mind, protect the people you care about, and reflect your personal values. Here are the key trends reshaping modern estate planning—and what they mean for you and your family.
Families Today Are More Complex – Your Estate Plan Should Be Too
Many Australians now belong to blended families—second marriages, step‑children, co‑parenting arrangements, or dependants from previous relationships. These family structures bring love and connection, but they can also create uncertainty if your estate plan is unclear.
Why it matters:
Without a well‑designed plan, disputes can arise, assets might not be distributed as you intend, and family harmony can be affected.
What you can do:
- Consider mechanisms like testamentary trusts or staged distributions.
- Communicate your wishes early—family discussions, letters of wishes or explanatory notes can reduce confusion later.
- Talk with your Estate Planning Specialist about what “fairness” means in your family.
Digital Assets Are Now Part of Your Legacy
Many of us now own valuable digital assets—photos stored in the cloud, social media accounts, subscription services, cryptocurrency, online businesses or intellectual property.
The challenge:
Unlike physical assets, digital platforms have strict access rules. Executors may not legally be able to access your accounts unless you plan ahead.
Your digital estate plan should include:
- A secure inventory of all digital accounts and assets
- Instructions on who can access what
- Consideration of appointing a “digital executor”
- Secure storage of passwords or access keys
Managing digital assets is now essential to ensuring your personal and financial life is handled the way you want.
We will be adding a future Blog just on this topic.
Australians Are Living Longer—Which Means Planning Earlier
With life expectancy now over 83 years, estate planning is as much about managing your life while you’re alive as it is about distributing assets after death.
Longer lifespans can bring:
- Higher medical and aged‑care costs
- Potential periods of reduced decision‑making capacity
- Greater involvement from adult children or carers
Key tools to protect your autonomy:
- Enduring Power of Attorney (EPOA) – for financial decisions
- Enduring Guardianship / medical decision‑making authority
- Advance Care Directive – outlining your healthcare preferences
Preparing these documents early helps avoid family stress, unnecessary government intervention, or delays in managing your affairs.
- Aged Care Costs Can Impact What You Leave Behind
Residential care, home‑care packages and medical expenses can significantly reduce the assets available for beneficiaries.
Estate planning now requires balancing:
- Funding quality care
- Ensuring income throughout retirement
- Preserving assets for your family
This may involve thoughtful strategies around:
- Superannuation drawdown
- Investment restructuring
- Timing of property sales
- Potential early gifting, where appropriate
The goal is to maintain dignity and comfort—while still protecting your estate.
Culture, Values and Family Expectations Matter More Than Ever
Almost half of Australians have at least one parent born overseas. Cultural beliefs can influence:
- Whether inheritance is seen as individual or family property
- Expectations around caring for elders
- Views on fairness, gender roles or religious obligations
A good estate plan respects these values. Conversations about culture, family duty and legacy help ensure your plan reflects your identity, not just your assets.
- Global Mobility Is Changing Estate Planning
It’s increasingly common to have:
- Assets overseas
- Dual citizenship
- Children or beneficiaries living abroad
- International property or businesses
Cross‑border estates bring complexity—different tax rules, inheritance laws, and probate processes.
If you have international ties:
- Your Australian will may not cover overseas assets
- You may need a separate will for each jurisdiction
- Different countries may impose their own taxes
- Digital assets stored overseas may fall under foreign laws
Specialised advice ensures your intentions are upheld across borders.
What This All Means for You
Modern estate planning is about more than preparing for the end of life—it’s about protecting yourself, reducing burden on your family, honouring your values, and managing the complexities of a changing world.
A well‑designed estate plan helps you:
✔ Maintain control and autonomy
✔ Protect your loved ones
✔ Minimise conflict
✔ Account for digital, cultural and global realities
✔ Ensure your wealth supports the future you envision
We’re Here to Help
At Priority1, we work with an Estate Planning Specialist to create an estate plan that reflects who you are—not just what you own.
If you’d like to review your estate plan or begin the process, we’re here to guide you with clarity, compassion and expertise.
Get in touch with us to start the conversation.