The numbers are almost too large to comprehend. More than $5 trillion in Australian wealth is expected to pass between generations by 2050. But this is not some distant event on the horizon – it is already underway.
Across Western Australia, families are beginning to confront the realities of inheritance and estate planning as the baby boomer wealth transfer unfolds. Many are doing so without the legal structures, family conversations, or planning tools needed to manage it well.
Our 2026/27 Inheritance State of Play Report, based on 882 Western Australian respondents, shows exactly where things stand. The result is a confronting mix of high awareness and low preparation – a risky combination when so much is at stake.
Who currently holds the wealth?
Baby Boomers, born between 1946 and 1964, currently control around 49% of Australia’s national wealth while making up only 21% of the population. The Silent Generation holds a further 18%.
Together, these generations are driving the baby boomer wealth transfer. This includes family homes, superannuation balances, investment portfolios, business interests, and family trusts—the assets that will make up most of the intergenerational handover.
Our research shows that while Baby Boomers lead all generations in Will coverage at 90%, that preparation is often outdated. Around 43.5% of Baby Boomer Wills are more than five years old, and 26.7% were made over a decade ago.
A Will drafted in 2015 may not reflect the realities of 2026. Superannuation rules have shifted, family dynamics change, blended families are more common, and aged care decisions are becoming both urgent and expensive. Simply having a Will is not the same as having an up-to-date estate plan.
12 commons pitfalls to avoid in protecting yourself, your loved ones, and your legacy.
What younger generations are counting on
Younger Australians are acutely aware of what is at stake.
About 36% of Gen Z respondents and 32% of Millennials say a future inheritance is critical or very important to their long-term financial security.
That is hardly surprising in Western Australia, where one-third of the state’s roughly one million dwellings are rentals and barriers to home ownership remain high. Inheritance is increasingly the factor that determines whether wealth grows or stalls – the difference between entering the property market and being locked out of it.
Yet the generations most reliant on the baby boomer wealth transfer are also the least informed about it. Nearly three-quarters of Gen Z respondents (74%) have had no meaningful family discussion about inheritance or estate planning, and about half of respondents under 45 expect a family dispute over wealth.
That gap between expectation and communication is one of the defining risks of the baby boomer wealth transfer.
The structural risks families face
Our report identifies four major fault lines in Western Australia’s inheritance landscape as the transfer accelerates:
- 1. The expectation gap: younger beneficiaries may be counting on inheritances that are smaller, delayed, or structured very differently from what they assume.
- 2. Outdated estate planning: many people feel strongly about leaving wealth, but do not have a current Will that reflects their actual intentions.
- 3. Gender asymmetry: women often carry a disproportionate share of both financial reliance and the responsibility to transfer wealth yet remain less protected by legal structures. Read more about the gender gap in our piece on why so many women still don’t have a Will (and why that needs to change)
- 4. Silence: underpinning all of the above is a lack of meaningful conversation, with about 48% of respondents reporting no serious family discussion about inheritance or estate planning.
Close to 70% of Western Australians are currently in the high-risk zone for poor inheritance outcomes: they have no Will, an outdated Will, no family conversation – or, in many cases, all three.
Not sure how to have those conversations? Read our guide on how to transfer a family business to the next generation without conflict.
Why getting it right matters more than ever
The baby boomer wealth transfer is a once-in-history event.
Handled well, with proper legal instruments, honest family conversations and deliberate planning – it can be one of the most powerful gifts one generation gives the next. Handled badly, it can lead to litigation, family fracture and outcomes that bear little resemblance to what anyone intended.
The families most likely to navigate this well are those that treat an estate plan not as a document created once and forgotten, but as a living framework that evolves with life. This means updated Wills, current superannuation nominations, aligned beneficiary structures, and very crucially, family conversations that keep everyone grounded in the same reality.
The transfer is not coming. It is already here. The question is whether your family is ready for it.
Speak with the team at Solomon Hollett Lawyers about reviewing your estate plan – before circumstances make the decision for you.
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