What is wealth succession planning?
Wealth succession planning is how a family considers passing wealth, and control of it, to the next generation. It usually brings together a will prepared by a lawyer, super death benefit nominations, insurance ownership, and the rules of any trust or company. Financial matters within it can form part of advice from MGB Financial Services.
What wealth succession planning covers
Wealth succession planning is the general term for how a family considers passing on wealth, and the control of it, from one generation to the next. It is wider than a will. For many Australian families a large share of wealth sits in superannuation, a family home, a business or a family trust, and each of these passes on under different rules.
This guide explains the issues in general terms. Estate planning and succession documents are legal work, and Vermilion does not offer them as a service.
How do different assets pass on?
| Asset | How it generally passes on |
|---|---|
| Personally owned assets | Under the will, or the intestacy rules if there is no valid will |
| Superannuation | Paid by the fund under its rules and any valid nomination |
| Life insurance held in super | Generally paid with the super death benefit |
| Family trust assets | Under the trust deed; control passes as the deed provides |
| Company shares and business interests | Under the will and any agreement between owners |
The ATO explains that a super fund generally pays death benefits to a nominated beneficiary or, without a binding nomination, as the trustee decides under the fund's rules. Tax on a super death benefit can differ depending on whether the person receiving it is a dependant for tax purposes.
Issues families commonly raise
- Super nominations that are out of date. A nomination made years ago may no longer match the family's wishes or the will.
- Control as well as ownership. For a family trust, who holds the role of appointor or trustee can matter as much as who benefits.
- Fairness between children. Where one child works in a family business and others do not, families often consider how to treat each child fairly.
- Blended families. Second marriages and children from earlier relationships make it more important that the will, super and insurance point the same way.
- Preparing the next generation. Many families consider how and when to involve adult children in decisions.
Who does what
A lawyer prepares wills, powers of attorney and trust documents. An accountant advises on tax and on the accounts of trusts and companies. A financial adviser can consider matters such as super beneficiary nominations, how personal insurance is owned and how personal investments are held, so that they are consistent with the legal plan. Families with larger or more complex affairs may also read about family office services in Sydney and financial planning for high net worth individuals. For the documents themselves, see the general guide to how estate planning works in NSW.
How Vermilion can assist
Vermilion offers a free initial 15-minute chat about the questions this article raises. If personal advice is wanted, Vermilion can arrange an introduction to MGB Financial Services, which provides the advice. Vermilion does not give financial advice.
Sources
- Australian Taxation Office, Superannuation death benefits, checked 21 October 2026.
- ASIC Moneysmart, Wills and powers of attorney, checked 21 October 2026.
Questions
Questions people ask
Is wealth succession planning the same as estate planning?
They overlap. Estate planning usually refers to the legal documents, such as a will and powers of attorney. Wealth succession planning is a broader term that also covers how assets held in super, trusts and businesses pass on, and how the next generation is prepared.
Does a will cover superannuation?
Not necessarily. The ATO explains that super death benefits are paid by the fund, generally to a nominated beneficiary or at the trustee's discretion, or to the estate. A will alone may not decide who receives super.
Do family trust assets pass under a will?
Generally not, because the trust, not the individual, owns them. What happens depends on the trust deed, including who controls the trust. These are legal and tax questions for a lawyer and an accountant.
How does a family business fit in?
A business can be the largest asset a family holds. Ownership, control and any agreements between owners are usually set out in legal documents. The personal financial side, such as insurance and super for the owners, can form part of financial advice.
