Month: August 2026

Receiving an inheritance can be life-changing, but it often brings unexpected tension, especially in long-term relationships. When one partner suddenly sees a large sum as “theirs,” it can shake the foundation of shared finances and values. Inheritance planning isn’t just about the money; it’s about what it means for your future together.

Understand What Inheritance Means to Each of You

It’s normal for partners to have different views about inheritance. One may see it as an individual gift, tied to personal history or a parent’s legacy. The other may expect it to contribute to shared goals, like the family home or financial security. The real issue is rarely about numbers, it’s about meaning, trust, and goals.

If you’re in this position, ask: What does money represent for each of you? Is it security, freedom, recognition, or something else? These conversations get to the heart of your values and help you avoid resentment down the track.

Align on Your Shared Financial Future

After years of shared bills, raising children, and tackling the mortgage, suddenly treating money as “yours” and “mine” can feel like a betrayal. But inheritance can stir up old beliefs, hidden resentments, or a need for independence, especially if one partner has always earned less because of family responsibilities.

Financial wellbeing is about trust, openness, and shared purpose. Take a step back from the immediate decisions and talk honestly about what you want life to look like in the next 10 or 20 years. This is a courageous conversation that can strengthen your relationship, not just your bank balance.

Practical Steps Before Spending or Investing

Large windfalls tempt quick decisions, splurging, paying off debt, or investing solo. But rushed moves can create regret or conflict later. Instead, consider these steps:

• Pause and reflect. Allow emotions to settle before making commitments.
• Model different scenarios. How would paying down the mortgage, investing, or splitting the funds affect your family’s future?
• Seek professional advice. A financial adviser can help you see options clearly and model the impact of each choice. For trusted professionals, find financial advice here.

Resources to explore:

• MoneySmart, for unbiased guidance: https://moneysmart.gov.au/
• Vanessa’s financial advice services: vanessastoykov.com.au/financial-advice/
• Family money conversation tools: vanessastoykov.com.au/resources/

Respect Both Individual and Shared Needs

There’s nothing wrong with wanting to use part of an inheritance for personal dreams, a motorbike, travel, or something that’s always felt out of reach. At the same time, it’s fair to expect that big financial changes are discussed openly and with respect for shared commitments.

A healthy relationship balances personal freedom with family security. Set aside time to talk about what matters most to each of you; and get specific about how much is for personal goals, and how much supports your shared future.

The Bottom Line: Have the Conversation

No amount of money can replace trust and understanding. Inheritance often reveals conversations about values that were always waiting to happen. Use this moment to strengthen your partnership, create a plan, and build a future that honours both your dreams and your family’s needs.

If you’re unsure where to start, reach out for professional financial advice or explore tools to support courageous money conversations at Vanessa’s resource hub.

Vanessa Stoykov | Courageous Conversations About Money

Inheritance planning is never just about the numbers. When you’re caring for an ageing parent, especially as their health declines, emotions run high, old family dynamics, guilt, and suspicion can surface at the worst possible time. If you find yourself juggling your parent’s finances while also managing your own feelings and family relationships, you’re not alone. Conflict over money and inheritance often reveals deeper issues, not just financial ones. Here are some critical mistakes to avoid as you navigate this difficult chapter:

1. Not Having Transparent Records

Many carers take on financial tasks out of love and necessity, but forget to document every transaction. Even with the best intentions, this lack of record-keeping can lead to suspicion from siblings or extended family, especially if emotions are already running hot. Without clear records, you may find yourself having to defend your actions, even if you’ve done nothing wrong.

Real-Life Example:
Rose, 54, managed her mother’s banking and bills as her health deteriorated. When her brothers finally showed up, their first questions were about money, not their mother’s wellbeing. They demanded receipts and records, putting Rose on the spot at a time when she was already emotionally exhausted.

How to avoid this mistake:

• Keep every receipt and invoice, even small grocery or pharmacy purchases.
• Maintain a simple spreadsheet or notebook tracking every payment or reimbursement.
• Be willing to share these records with family if asked, but set boundaries about how and when.

2. Waiting Too Long to Discuss Inheritance and Powers of Attorney

It’s natural to avoid tough conversations about money, illness, and death. Yet, waiting until a parent is seriously ill or in palliative care leaves everyone scrambling; and old resentments can quickly take over. Delaying these discussions risks confusion, family rifts, and decisions made in crisis rather than with care.

Real-Life Example:
Margaret, 60, was shocked when her father’s will became a battleground after his hospitalization. Siblings disagreed about who should control finances, and assumptions about inheritance led to months of tension.

How to avoid this mistake:

• Start conversations early, before anyone is in crisis.
• Ask about wills, enduring power of attorney, and care wishes while your parent is able to participate.
• Use resources like an inheritance conversation guide to make discussions less daunting (download here).

3. Trying to Keep the Peace by Avoiding Conflict

Many carers feel caught between wanting to avoid family drama and needing to stand up for themselves. You might feel pressured to hand over every document, or to justify every decision, even when you’ve acted only in your parent’s best interests. Trying to placate everyone can leave you feeling resentful and alone; and rarely satisfies those determined to be suspicious.

Real-Life Example:
Lisa, 57, spent months trying to keep her siblings happy, sacrificing her own mental health. She realized too late that no amount of transparency would stop the criticism until a neutral party got involved.

How to avoid this mistake:

• Be transparent, but don’t feel obligated to defend yourself constantly.
• Involve an independent professional (like your parent’s solicitor or a financial adviser) if accusations escalate.
• Prioritise your parent’s wellbeing and your own peace of mind over appeasing everyone.

4. Ignoring Your Own Emotional Wellbeing

Looking after an ageing parent is emotionally taxing, especially when family members question your motives. Stress, grief, and a sense of injustice can take a toll on your health and outlook. Remember, you can’t pour from an empty cup. Caring for yourself is as important as caring for your parent.

Real-Life Example:
Sarah, 52, ended up with anxiety and insomnia after months of financial caregiving and family conflict. Only after seeking support did she realise how much she needed boundaries and self-care.

How to avoid this mistake:

• Seek emotional support, from friends, professionals, or support groups.
• Set boundaries around what you will and won’t do or discuss.
• Remember that protecting your wellbeing isn’t selfish, it’s essential.

5. Not Seeking Professional Financial Advice

Managing someone else’s money, especially as they near the end of life, can be legally and financially complex. Mistakes, no matter how innocent, can have long-term consequences for you and your family. Getting professional advice helps you avoid pitfalls and ensures everything is above board.

How to avoid this mistake:

• Consult a solicitor or financial adviser to review your parent’s will and enduring power of attorney.
• Consider a family meeting with an independent professional to answer everyone’s questions.
• If you’re unsure where to start, find a trusted financial planner here.

Empowerment: Remember What Matters Most

No inheritance can equal the love and care you give your parent. Years from now, what you’ll remember is being there for them, not the arguments in hospital corridors or the paperwork. Protect your peace, set clear boundaries, and take pride in the role you play. Courageous conversations about money can change family futures for the better.

Vanessa Stoykov | Courageous Conversations About Money