Explore by category:
September 20, 2021

Why Inheritance is Becoming a Very Big Deal

Author: Vanessa Stoykov
Category: Family Inheritance
Of all the topics I write about, inheritance is one that will be gaining more attention over the next five years. Why?

Because Australia is about to see a huge wealth transfer, with more than $3.5 trillion set to be handed over by baby boomers to the next generation – the largest wealth transfer in our nation’s history.

While this is an exciting opportunity for many who will benefit from a potentially life-changing amount of money coming to them, what they do with it will be of paramount importance to future generations. And, while nobody likes to think about dying, for those giving, it is equally important that your gifts are structured correctly so your legacy is given to the people you intend it.

So what does this mean in reality? It really means that you have got to start the conversation now. How? Talking about money and inheritance can feel very taboo. It can also set emotions rising within your family, so many people avoid it.

This is why I have developed some tools to get both sides of the inheritance equation talking. In our free resources (link) you can find a list of things you should be thinking about when it comes to inheritance. And most importantly, a list of questions to ask yourself and your family to start that conversation.

The first should always be – what is the intention with this gift? For the giver, are your hoping to give your family security, a home, a gift to educate future generations? Think very carefully about what you intend your legacy to represent.

Many Australians will be leaving homes that have increased in value tenfold. This means in some cases millions of dollars will be distributed amongst their families. How do you want this to be treated? Are there any conversations you want to have with your children before this event?

And for those receiving, how do you intend to use it? Can you take the opportunity to think deeper about what you really want from your life? Do you want to move? Start a new career? Educate your children a different way? Or just enjoy the freedom of paying off your mortgage? The more intentional you are about how you use this gift, the more that wealth transfer will lead to creating an investment in the future that will keep giving for generations to come.

And finally, also think about what difference you would like to make from a social and/or environmental perspective. Can you give some of your windfall to make the world a better place? Rather than just manage your finances, can you help support a cause that is close to your own heart and give? Whether it be for animals, children, the elderly or the planet, there are so many fantastic causes out there that desperately need financial support. Sharing your gift, or even leaving some of your legacy to this is all part of the circle of life.

So don’t just think of inheritance as financial freedom for you, or of giving something the kids to divide up when you are gone. Rather, use it as something to open up conversations between the generations, and talk big picture about how you can change the world. It’s a conversation worth having.

Until next time,

Vanessa

Leave a Comment

  • From Clear Tax on Should You Help Your Kids Buy Property Now? What to Weigh Before Giving an Early Inheritance

    Helping children with property can be complex. Professional advice on structuring gifts or loans, including tax and Centrelink considerations, can make a significant difference in long-term outcomes.

  • From ANTOINETTE COLBRAN on Navigating Your 50's: A Woman’s Guide to Financial Freedom in Retirement

    Natallia – you’ve said it so well. The message here I think is about consistency. Consistency in checking what’s going in and what’s creeping out. A review of finances to keep on track on interest rates, investment opportunities and Superannuation top ups. Many of us in our businesses self contribute to Super – we easily get behind. It’s part of our financial literacy homework. Get going ladies.

  • From Kids Debit Card on Changing Conversations You Need to Have with Your Kids

    The goal of the following article is to assist parents have meaningful conversations with their children about money and financial literacy by providing them with practical guidance and useful recommendations. The author discusses goal-setting, budgeting, saving, and investing, and offers advice on how to have these discussions with people of varying ages. The essay is informative and easy to read, making it a valuable tool for parents who want to teach their children about money.

    For More Info:-https://busykid.com/kids-debit-card/

    • From admin on Changing Conversations You Need to Have with Your Kids

      Thanks for your comments!

  • From Gale Pickles on It Was the Best of Times, It Was the Worst of Times

    So enjoyed this, I will share if that’s okay with you, many of my friends will benefit from your journey.
    Many Blessings for 2023
    ♥️♥️♥️♥️♥️

  • From ScottViabe on Three ways to embrace change to improve your life

    Hi all! This is a good site.

  • From David Horton on How Finfluencers are teaching millennials and Gen Z about money

    And once again the regulator finds a way to stop ordinary people from getting advice by placing high costs on people who do the right thing. If a finfluencer is actually trying to scam someone, it would not be hard to operate outside Australian jurisdiction.

    • From admin on How Finfluencers are teaching millennials and Gen Z about money

      They definitely have a place. People need advice and many are working on it to be more accessible. Watch this space!

  • From Camelia on IT'S NOT TOO LATE FOR YOU

    It’s never too late to learn something new and to start all over again. Unless you’re dead, you can do it.

    • From admin on IT'S NOT TOO LATE FOR YOU

      So true

Each day I wake up excited to inspire everyday people to open up and take control of their money, regardless of their history, goals, or savings amount. About Vanessa >>

Book

Discover a new way of seeing
life & money.

Download the first 3 chapters for free

Download

Authors

  • Vanessa Stoykov
    Vanessa Stoykov

    Vanessa has been passionate about writing and storytelling since her days of hiding under the doona with her torch to read after bedtime.

  • Kathy Skantzos
    Kathy Skantzos

    Kathy is a yoga-loving world traveller who also happens to moonlight as a business journalist and writer. She was the finance editor of news.com.au and the Managing Editor of CEO Magazine (Asia) before joining Vanessa and the evo squad.

  • Shayne Sommer
    Shayne Sommer

    Shayne is second dan black belt in karate, and a budding romance writer with a difference. Why? Because she writes romance stories that always have a money lesson.

  • Antoinette Colbran
    Antoinette Colbran

    Specialising in stories for 50+ women, Antoinette draws from her own experiences to help other women avoid the pitfalls and see the benefits of understanding their money situation.

  • Michael Crooks
    Michael Crooks

    Michael Crooks is a more than 20 year writer and documentary maker who has worked with Time Inc and the BBC, who wants to expose the truth from real victims of financial crime to help others avoid their mistakes.

  • Kim Payne
    Kim Payne

    Kim Payne has spent the past three decades as a speaker, trainer, business coach, and consultant in financial services. She has worked with and transformed hundreds of brilliant, educated, high achievers who are chronically under-living.

  • Rebecca Pritchard
    Rebecca Pritchard

    Rebecca Pritchard is on a mission to help men and women achieve equality when growing a family.

  • Antony Perring
    Antony Perring

    Ant is a writer, designer and business builder with a love of food, design and good living. He writes on food and money in an easy to do way.

  • Julie Hyde
    Julie Hyde

    Julie Hyde is a leader of leaders. A disruptor and a powerful people enabler who empowers leaders to make big things happen.

  • Joshua Pennell
    Joshua Pennell

    As a Dad to four kids and a business owner, Josh is passionate about family and finances and is known as The Family Finance Guy.

  • Sid Lal
    Sid Lal

    Sid is a serial entrepreneur who set up his first business when he was still in University. Since 2009 he has been heading Bruce Clay, first in India & more recently in Australia.

  • Lou Johnson
    Lou Johnson

    Lou Johnson believes in the power of sharing stories to build empathy, understanding and connection. Growing up surrounded by books and storytelling, alongside her drive to make a difference led her to a highly successful career in book publishing.

  • David Rae
    David Rae

    Dave is a CERTIFIED FINANCIAL PLANNER® professional and has been a financial adviser since 2003. He works with a range of clients and has a strong focus on ethical and sustainable investing.

  • Natallia Smith
    Natallia Smith

    Natallia specializes in assisting pre-retiree single women—whether they are never married, widowed, separated, or divorced—understanding deeply the importance of financial stability during life's pivotal moments such as separation, divorce, retirement, and the loss of a loved one.

  • Mark Hoy
    Mark Hoy

    With over 15 years of experience in financial services, Mark established Wollemi Wealth Management in 2013. His business is built almost entirely on referrals and word of mouth — a testament to the trust, integrity, and long-term relationships he forms with his clients.

  • Derek Gascoigne
    Derek Gascoigne

    Derek Gascoigne is the State Manager for UniSuper Advice in Victoria and Tasmania. Derek has been with UniSuper for over 15 years, and his career in superannuation and financial services spans 27 years and counting.

  • Annika Bradley
    Annika Bradley

    Annika Bradley is Head of Advice Strategy, Research & Technical at UniSuper. She brings over 20 years of experience across investments and wealth management in both the public and private sectors.

  • Wayne Leggett
    Wayne Leggett

    Wayne has been a recipient of numerous industry awards and was one of the first to qualify as a Certified Financial Planner (CFP). He has been heavily involved in industry affairs at the highest level, including serving as national president of the Association of Financial Advisers (now FAAA).

  • Conrad Francis
    Conrad Francis

    Conrad Francis is the Founding Director of Inspired Money, a Perth-based financial coaching and financial planning, mortgage broking and money coaching firm he established in 2011.

  • Andrew Beks
    Andrew Beks

    Andrew Beks is a Chartered Accountant and the founder of Simplified Business and Accounting.

Most Popular

Related Articles

Inheritance Planning: Avoiding Family Conflict When Caring for Ageing Parents

by Vanessa Stoykov

If you’re caring for an ageing parent and facing family conflict over inheritance planning, you’re not alone. Learn how to protect your wellbeing, keep finances transparent, and avoid common mistakes that can add stress during an already difficult time.

Inheritance Planning Australia: Navigating Family Disputes After a Will

by Vanessa Stoykov

Inheritance planning in Australia can open old wounds among siblings. Discover how to move forward from family disputes, protect your wellbeing, and focus on what matters most.

Inheritance Planning in Australia: What Tax Your Family Really Pays

by Andrew Beks

Inheritance planning in Australia isn’t as simple as it sounds. Even without an inheritance tax, your family could face big tax bills if you don’t leave clear records. Learn what you need to do today to protect their future.

Inheritance Planning After Divorce: What Second Marriages Mean for Your Family

by Vanessa Stoykov

If an ex-partner is remarrying, you may worry about your children’s inheritance. Discover how second marriages affect inheritance planning and what conversations truly matter.