Adam Lubofsky

With an estimated $5.4 trillion set to be transferred from Baby Boomers over the next two decades, new national research commissioned by leading online Will platform Safewill for Charity Wills Week reveals that more than 1 in 3 Australian parents have considered leaving part or all of their estate to charity instead of their children.

Interestingly, most shared they feel their kids act like it’s a given that they will receive an inheritance, many cited concerns that the money would be wasted by the younger generations, and others highlighted their belief that they should build their own wealth.

The shift echoes comments from Simon Cowell who has declared his legacy won’t go to his son, and will go towards charities giving others opportunities they might never have had, as well as high-profile Hollywood couple Ashton Kutcher and Mila Kunis, who have publicly stated they don’t plan to leave their kids large trusts, and instead plan to donate the majority of their wealth to charity, so it’s increasingly clear the sentiment toward the transfer of wealth is changing.

The research highlights a growing tension between expectation and reality, as younger Australians increasingly rely on inheritance to achieve financial security, while many Australians are reconsidering traditional legacy norms.

While only 8% of Australians have already included a charity in their current will, many more are contemplating it. Among Australians under 55, 40% say they plan to leave a charitable gift but haven’t yet updated their will to reflect that decision.

The generational divide is notable. More than half of Gen Z (51%) and Millennials (52%) either have or plan to include a charity in their will, alongside 40% of Gen X respondents, which drops off further for Baby Boomers and the Silent Generation.

Safewill’s own data shows the trend is accelerating, with the proportion of wills created through the platform that include a charitable gift growing from 5% in 2020 to 11% in 2025, more than doubling in just five years.

Despite this, more than half of Australians don’t have a current Will^[1], so although they have strong feelings around how they would divide their assets, the reality of how their estate would be managed if they were to pass away would be entirely up to the state laws, regardless of private conversations or personal intentions.

Safewill Founder and CEO, Adam Lubofsky, says attitudes towards inheritance are becoming more values-driven, “for decades, it’s been assumed that children inherit automatically. What we’re now seeing is parents thinking more carefully about the kind of impact they want their estate to have, whether that’s supporting their children, backing a cause they care about, or a combination of the two.”

We expect to see an even sharper rise in charitable bequests in the wealth transfer over the next two decades, with our research indicating that emotion still plays a huge part in Australian legacy planning.”

Safewill’s Principal Solicitor, Isabelle Marcarian, says the rise in charitable giving reflects a broader shift in how Australians are thinking about legacy, but careful planning remains essential.

“What we’re increasingly seeing is Australians wanting their Will to reflect both their family and the causes they care about. Charitable gifts can be a powerful way to create lasting impact, and they tend to work best when families understand and support those decisions.

In Australia, spouses and children do have rights under family provision law, so if someone is considering reducing or excluding a family inheritance in favour of charity, it’s important to approach that carefully. Having open conversations and seeking appropriate advice helps ensure those wishes are ultimately honoured.”

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Notes:
[1] Safewill, “Free Wills Week” (unpublished raw data, 2025)

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Adam Lubofsky

Colonial First State (CFS) has announced a new partnership with Safewill which will give almost one million CFS members access to an online Will-creation service with legal review and digital estate planning services at no extra cost.

With more than half of Australian adults not in possession of a legally valid Will^[1], the service addresses the two most cited barriers to creating a Will – cost and complexity – and makes CFS the first superannuation fund to roll out a long‑term, scaled Safewill partnership as part of its member offering.

CFS members can quickly create a legally valid Will using an easy-to-follow online process, with each submission reviewed by Safewill’s affiliate law firm. Members can also organise and store important documents in a secure digital vault that their nominated beneficiaries can access when needed.

As part of its broader commitment to making super easier to manage, CFS is also introducing a new online beneficiary feature that allows members to update their beneficiary nominations digitally, making it faster and easier for members keep important details up to date.

“Our goal is to help members feel confident and supported across every stage of retirement planning,” said Marissa Powe, Executive Director of Retirement at Colonial First State.

“Estate planning is often put off because it feels complicated or expensive, but it doesn’t need to be. The partnership with Safewill removes those barriers and gives our members simple, secure tools at no extra cost so they can put a Will in place, protect what matters most, and plan for the future with confidence,” added Ms Powe.

Supporting financial advisers and intergenerational planning

The partnership also supports financial advisers without an existing estate planning or legal partner and is available to any adviser with CFS clients.

Advisers can incorporate a completed Will and digital asset inventory into holistic advice, align superannuation death benefit nominations with the client’s broader wishes, and document preferences that support intergenerational wealth transfer. The secure digital vault helps keep records current and accessible for executors and families, reducing unnecessary administration.

“There is a natural connection between superannuation and estate planning. Superannuation is often one of the largest assets people have, yet it typically sits outside the estate, making it critical that binding death benefit nominations and Wills are considered together,” said Adam Lubofsky, Founder and CEO of Safewill.

“By supporting members earlier in the estate-planning and nomination process, funds can help reduce complexity and uncertainty at the time a death benefit is paid. This partnership reflects Colonial First State’s member-first approach to retirement planning and helps members to protect their wishes and reduce uncertainty for their families,” added Mr Lubofsky.

The Safewill partnership sits alongside CFS’s growing range of retirement services, including the CFS Retirement Hub, retirement and age pension eligibility calculators, and a specialised guidance team who provide support to help CFS members feel confident in their retirement decisions.

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Notes:
[1] Australian Law Reform Commission, 2019

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