What should I do with an Inheritance

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When you receive an inheritance, it can be an emotional time, filled with complex decisions about what to do with the newfound wealth. Whether the inheritance is small or substantial, understanding the best steps to take can have a lasting impact on your financial future. Here are 6 key tips to help you make the most of your inheritance while avoiding common pitfalls.

6 Tips for Managing an Inheritance Wisely

Tip #1: Importance of Getting Advice

Seeking professional financial advice is the first and most crucial step after receiving an inheritance. A financial adviser can help you assess your options, minimise tax liabilities, and develop a long-term plan to grow and protect your wealth.

Trap to Avoid: Going it alone. Many people make impulsive decisions without consulting an expert, leading to costly mistakes that could erode their inheritance over time.

Knowing when to seek advice is key. Major life events—such as receiving a large sum of money, inheriting property, or facing complex tax implications—are all clear signals that professional guidance is needed.

Trap to Avoid: Delaying action. Failing to seek advice promptly can result in missed investment opportunities, tax penalties, or emotional spending.

An inheritance can be a game-changer, offering the chance to fast-track your plans or explore new opportunities. Whether it’s reducing debt, growing your wealth through smart investments, or strengthening your superannuation, the possibilities are vast. With the guidance of your financial adviser, you can choose the path that best supports your long-term goals and dreams.

Trap to Avoid: Spending it without thinking of the big picture. You could end up with nothing left over if you don’t have a plan in place. Choosing risky investments without proper research. While the temptation to make quick gains can be strong, uninformed decisions could lead to significant losses.

Poor management of your inheritance can have lasting financial repercussions. Without a clear strategy, you risk depleting your funds too quickly or incurring unexpected tax burdens.

Trap to Avoid: Ignoring tax implications or failing to develop a long-term plan. Both can lead to unnecessary financial strain and reduce the value of your inheritance over time.

Receiving an inheritance is a great time to review and update your own estate plan.

Trap to avoid: Not integrating your inheritance into your will or trust can cause future complications for your beneficiaries. Proper estate planning will ensure your wealth is protected and passed on according to your wishes.

If you plan to gift some of your inheritance to family or charity, be thoughtful about your financial future and talk to your beneficiaries about your plans.

Trap to avoid: Avoiding these discussions can lead to misunderstandings or disputes in the future. Clear communication ensures that everyone understands your intentions and prevents conflicts down the line. Gifting too much too soon without considering your long-term needs could jeopardise your financial security

Ready to Take Control of Your Inheritance?

Taking these tips will help you avoid the common traps of managing an inheritance. Speak to one of our experienced advisers today for personalised guidance on how to make the most of your financial future. Contact us now for a free consultation.

Empower Yourself with Knowledge

The key to managing your inheritance wisely is empowerment. By educating yourself and seeking the right advice, you can turn your inheritance into a solid foundation for your financial future.

For personalised advice and support, consider reaching out to our trusted financial advisers. Our team is here to offer expert guidance tailored to your unique financial goals and circumstances.

Taking these steps can ensure that your inheritance works for you, creating a more secure and empowered financial future!

As Seen In:

Melody Edwards
Senior Financial Adviser &
Aged Care Specialist
Amber Lin
Associate Adviser
"Receiving an inheritance can be life-changing, but navigating the financial landscape can be daunting. As your trusted financial adviser, I can help you make informed decisions, maximise your inheritance and secure your financial future. Let us help you honour your inheritance by building a foundation for lasting success."

Are you Ready to Start the Conversation about your Inheritance plans?

Navigating the path to receiving an inheritance doesn’t have to be complex or overwhelming. Download our comprehensive guide, “Managing emotions and finances after an inheritance”, for valuable insights and practical advice.

Receiving an inheritance is not just about the money— it’s an opportunity to plan thoughtfully and manage what you’ve received with care and responsibility.

By following these steps and seeking our advice, you can make informed decisions that align with your financial goals and secure a brighter financial future. Remember, everyone’s situation is unique, so tailor these steps to fit your specific circumstances and priorities.

Like to learn more?  Contact us today and allow us to help you to make informed decisions with your inheritance plans.

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