Australia is in the midst of the greatest wealth transfer in its history. Over $5.4 trillion is set to change hands as one generation passes the baton to the next. Decades of rising property prices and solid investment returns mean many Australians now have more wealth than they ever thought possible.

Some have already started giving it away. Think school fees for the grandkids or early inheritances from the bank of mum and dad. But this “give while you live” trend is reshaping how we think about estate planning. If your children are already financially independent, what does legacy really mean?

With more of us passing on our inheritances while we live, an increasing number of Australians are looking beyond the family tree when estate planning.Credit: Simon Letch

More and more, Australians are thinking beyond the family tree and looking at how their money can make a difference in the wider community. At a time when everyday costs are rising and need is everywhere, charitable giving is gaining ground – not just as a heartfelt gesture, but as a smart financial move.

Giving while living is not a new........

© The Sydney Morning Herald