Up to A$2 trillion ($1.38 trillion) in assets is expected to change hands between Australian generations in the next two to three decades, and estate planning is becoming increasingly important, no longer just to lawyers.

The field is becoming more a service provided by financial sector providers and accountants. PricewaterhouseCoopers, the accountancy, for example, recently acquired financial planning firm Clarendene to deliver in-house estate planning services for private clients.

“Lawyers see legal issues, not life questions, and that is what estate planning is really about now,” one financial planner recently told WealthBriefing.

Michael Fitzpatrick, from Clarendene, said modern estate planning includes a raft of wealth management strategies to minimise costs, taxation, and the risk of litigation.

A remarkable number of people also neglect their tax affairs, often leaving a financial labyrinth to unpick. A popular product is a “testamentary trust”, where assets are automatically transferred on the owner’s death, reducing exposure to taxation and litigation.

Adelaide financial planning firm Lifeplan is one of several Australian fund management businesses offering estate planning.

The company has recently launched a product called NextGen Investment, which it describes as a tax-advantaged platform with a menu of 50 investment options.

“NextGen is an easy, low-cost, tax-advantaged way for people to ensure their wealth is distributed exactly how they want it to be ­ even after death,” said Matt Walsh, Lifeplan's general manager.

“It can be used to control investments outside the estate and therefore bypasses the need for probate, and has the added benefit of retaining beneficiaries as clients,” he said.

Mr Walsh also sees a massive transfer of inter-generational wealth in Australia, but says it will happen in stages. In the first state, A$1 trillion will move between baby boomers and subsequent generations.

“However, those funds will be inherited by individuals who already have at least that amount of their own assets, effectively doubling the amount of funds advisors can capture,” said Mr Walsh.

The challenge for advisors was to be able to help manage a portion of those assets before elderly clients passed on, rather than simply referring them to estate lawyers.

After that, the challenge was to continue working with beneficiaries, who were “notoriously difficult” to approach following the death of their parents or grandparents.