Luke Jensen February 26, 2024 - 3 min read

Just received an inheritance? You might need a different approach.

Given Australia’s aging population, it’s increasingly common that we are speaking to people who are recent recipients of an inheritance following the passing of a loved one. Assisting people in this situation requires a modified approach when compared with regular financial planning approaches.

More often than not there is a shift in focus towards ensuring a loved one’s legacy is continued, regardless of the amount received. We also see overwhelming gratitude from the recipients, so we are also addressing a different emotional state of mind.

There are often varied goals and objectives towards investment of funds received and we believe it is important to work through these with clients to help guide them and assist them in understanding what the money means to them and how they wish to invest the proceeds.

In most cases, there is no need for rushed decisions, and therefore it is wise to take time and work through and understand what is most important to you, rather than making a rushed decision. Often the goals towards allocating the funds will focus around one or more of the following objectives:

  • Manage tax associated to any amounts received
  • Pay off debt
  • Invest the money
  • Contribute to superannuation / Retirement Savings
  • Planning for the next generation of recipients
  • Treating yourself.

Many of the above matters require good financial advice, and should be approached with careful and professional consideration.

We can help provide advice and solutions to help meet your objectives and needs. Feel free to contact us – we would love to hear from you to see if we can assist further.