Retirement
Online wills initiative aims to boost superannuation and retirement engagement
Retirement
Online wills initiative aims to boost superannuation and retirement engagement
In a bid to increase engagement with superannuation and retirement planning, Aware Super has expanded its online wills service, following a successful pilot program. The initiative, launched in partnership with estate planning experts SafeWill, aims to make estate planning more accessible and integrated into the financial planning journey of its members.
Online wills initiative aims to boost superannuation and retirement engagement
In a bid to increase engagement with superannuation and retirement planning, Aware Super has expanded its online wills service, following a successful pilot program. The initiative, launched in partnership with estate planning experts SafeWill, aims to make estate planning more accessible and integrated into the financial planning journey of its members.
The pilot program, which began in January 2025, has now been rolled out to all Aware Super members. It offers a simple will at no additional cost to their membership, a move that has already seen a strong uptake. Steven Travis, Group Executive Member Growth at Aware Super, highlighted the overwhelming response to the service, noting that early participation had surpassed expectations.
"The need for a robust and accessible online estate planning solution is immense," Mr Travis said. "It’s estimated $5 trillion will be passed down to the following generations over the next two decades, and there’s widespread understanding of the importance of having a legal will, yet up to 60 per cent of Australians don’t have one."
By offering an online estate planning solution, Aware Super aims to remove barriers that prevent individuals from starting their estate planning journey. "Enabling our members to start their estate planning journey online, in their own time and with no additional fees for a simple will, substantially lowers the barriers to getting started," Mr Travis added.
The integration of estate planning services into Aware Super's offerings is seen as a strategic move to engage members more deeply with their financial futures. Mr Travis explained that super funds have a unique opportunity to reach millions of Australians with vital messages about estate planning, which can then lead to broader discussions about savings and retirement.
"We believe estate planning will be an important gateway to encouraging our members to engage with their broader financial plan, including for their super and retirement," he stated. The service is designed to encourage members to take additional positive financial steps, such as updating the nominated beneficiaries of their super death benefit, consolidating their super, reviewing their insurances, or booking an appointment with a financial adviser.
"These behavioural 'nudges' can be effective at motivating members to take other positive financial steps," Mr Travis noted.
The partnership with SafeWill has been instrumental in the development and success of this initiative. SafeWill's founder and chief executive, Adam Lubofsky, emphasised the significance of integrating estate planning into superannuation. "Estate planning is deeply connected to other important decisions people make about their lives and families," he said. "Integrating it into super helps make those decisions simpler and more connected to their long-term financial future."
The service allows all Aware Super members to create a simple, legal will at no additional cost, with the process typically taking about 20 minutes to complete. For those with more complex estates, additional services are available for a small fee, including a customised will and the option to create a power of attorney.
As the superannuation industry continues to evolve, initiatives like Aware Super's online wills service highlight the importance of integrating comprehensive financial planning services into super funds. By doing so, they not only enhance member engagement but also provide valuable tools to help Australians secure their financial futures.
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