What will complicate this wealth transfer is the simple fact that estate planning is far from straightforward. The nuclear family of yesteryear is a fading reality, with family structures far more complex today.

Consider these numbers: one-quarter of marriages today involve one person who has been married previously, the divorce rate is estimated at 44 per cent, the median duration of marriage at divorce is 13 years, and the median age at divorce is 45 years of age. To further complicate matters, divorces by those aged 50 and over are increasing.

Called the "grey divorce" or the "silver separation", this phenomenon is becoming more commonplace as couples in their 50s, or even older, are calling it quits on decades of commitment and head into their senior years, either alone or in new relationships.

Figures from the Australian Institute of Family Studies bear this out, showing couples who had been married for 20 years or more accounted for more than 25 per cent of the 56,244 divorces in 2021 – in stark contrast to the 1980s and 1990s when older couples only made up about one in five divorces.

Inevitably, the emergence of blended families has sparked an increase in the number of estate disputes, with more than half of all wills being contested.

What’s more significant, as data from the law firm Solomon Hollett highlights, is that nearly three-quarters (74 per cent) of these estate challenges succeed to some degree. Drilling down into that number, the success rate is 83 per cent when it’s claims by partners and ex-partners, 76 per cent when it’s claims by children and 73 per cent when it’s the extended family.

The money at stake is an issue, too. The more dollars and cents in dispute, the more likely a legal challenge will succeed. If the sum exceeds $3 million, 100 per cent of challenged estates succeed to some extent.

While that percentage figure drops as the sums get smaller, it’s still not extremely reassuring to know that the number of successful challenges for estates valued between $1 million and $3 million is 88 per cent, a figure that falls to an estimated 60 per cent success rate for estates valued at less than $600,000.

There is another factor at play – longevity. Baby Boomers, in particular, can expect to enjoy lengthy retirements lasting for two, even three decades, the first generation to have this luxury.

Understandably, it is making them extremely conscious about having enough money to be able to afford the lifestyle they have become accustomed to, with research showing that while they are happy for the younger generations to inherit, in most instances it will be as part of their estate.

So, that’s the social and financial mix – trillions of dollars to be passed down, blended families and longevity – that will demand even greater attention to estate planning. The need is further amplified by Labor’s proposed tax on superannuation earnings for balances above $3 million and a growing philanthropic interest, reflected by increasing donations.

In this potential family minefield, investment bonds can be one vehicle to help achieve the deceased’s desired outcome. Put simply, these bonds bypass the estate and are protected from will and estate disputes.

In addition, there are no restrictions on the number of beneficiaries or the type of relationship. Individuals, trusts, companies or charities can be nominated and there is no requirement for probate. Remember, too, proceeds are paid tax-free on death irrespective of whether it’s going to the estate or to beneficiaries and regardless of the relationship connection.

The fracturing of the traditional family structure can only increase, so an estate plan limiting the potential for family friction will be worth its weight in gold. But for some families, it will always be pistols at dawn. While an investment bond can’t stop that from happening, it can help ensure the deceased’s final wishes are met.