Rest Assured: What to do when the time comes

Planning for Death

Australia's demographic shift is accelerating. The number of people aged 65 and over is projected to nearly double by 2046, with a sharp increase in those over 80 starting around 2026. This wave of ageing baby boomers is straining healthcare, aged care, and pension systems. Treasury forecasts show Age Pension spending climbing steadily, potentially leading to reforms that tighten eligibility or adjust asset tests. For families, this means greater emphasis on self-funding retirement, including through superannuation and property equity release.

Probate processes have become costlier, particularly in Victoria. Fees for granting probate—legal authority to administer an estate—jumped dramatically from November 2024. Estates valued between $250,000 and $500,000 now face $514.40, up from $68.60, while those over $7 million pay $16,803.60, a 625% increase. Critics dub this a 'death tax by stealth,' delaying distributions and adding to emotional tolls. In New South Wales, a new costs capping protocol in probate matters, effective July 2025, aims to curb litigation expenses but highlights growing estate disputes.

Funeral expenses are also rising, compounding pressures. Average cremation costs reached $8,045 in 2025, up from $6,334 in 2019, while burials average $11,039. Inflation, at 3-5% annually, drives these hikes, pushing more towards prepaid plans or no-frills options. Yet, one-third of over-50s report financial hardship from funeral payments, fueling trends like direct cremations and charitable assistance.

Succession laws are evolving too. South Australia's Succession Act 2023, effective January 2025, prioritizes the deceased's wishes in family provision claims, tightens claimant eligibility, and grants new rights to inspect wills post-death. This reduces contest risks but shifts power towards courts, potentially increasing removals of underperforming executors. Blended families and step-children complicate matters, as do digital assets like cryptocurrencies, often overlooked in wills.

Voluntary assisted dying adds another layer. Available in all states and the ACT by late 2025, the Northern Territory plans to introduce legislation mid-2026. Reviews in Tasmania, Queensland, and New South Wales could expand access, influencing how people approach end-of-life directives and guardianship.

Non-obvious tensions emerge between stakeholder interests. Honoring testator intentions clashes with family needs in provision claims, while capacity challenges rise as people update wills later in life. Ageism, affecting two in five over-50s, undermines access to services and exacerbates isolation. Economic inequality in superannuation—higher balances for top earners—widens wealth gaps in transfers.