Wills can be challenged. Gifts in wills can have no effect. So one strategy to make sure your assets go to whomever you want them to go to is to make gifts while you are still alive. This way you can be sure the recipient will get the gift and you can also enjoy seeing them enjoy the gift. The gifts could be made outright, and/or linked to a particular age or particular event - such as passing the HSC, getting married etc. Grandparents could do this for grandchildren. Perhaps to make a backup plan different bank accounts can be opened earmarked for each grandchild with funds deposited. If the grandparent would to die the rest of the account could be given to the relevant grandchild via the will. Care should be taken so as not to give money or assets away that you may need later. Disadvantages of this strategy are Funds could be lost through family law disputes More tax effective for the beneficiaries to receive via a will, especially under a testamentary trust Funds could be lost through bankruptcy Gifts could still be potentially clawed back under NSW law if the giver dies within 3 years of the gitt Social Security rules may still count the gift as an asset of the giftor for 5 years after the gifft is made.