The Inheritance Wake-Up Call: Are You Ready for What's Coming?

Here is something that surprised me. Research suggests younger Australians in their late teens and twenties are now about as likely as people in their forties to expect an inheritance.

That's a big shift. It means more money is set to move into younger hands, faster, than we've seen in previous generations. And while that might sound like a financial leg-up, it comes with serious responsibilities, and risks.

Whether you're expecting to receive an inheritance, or you're the one planning to pass it on, here's the uncomfortable truth: money without guidance can do more harm than good.

I spoke recently on Sunrise about the fact that more than half of Australians don't have a will. That's right, no official plan, no clear guidance, just a whole lot of hoping things will work out. But hope is not a strategy, especially when family, emotion, and wealth are involved.

If You're Handing It Down…

You've worked hard to build what you have. So if you're planning to pass something on, whether it's a home, shares, super, or savings, it makes sense to think about what kind of impact you want that money to have. Because it's not just about giving. It's about setting up the next generation to make smart choices.

• Do your kids or grandkids have an adviser? If not, now is the time to introduce them to one, before the money arrives. Advice shouldn't start when the inheritance hits the bank account. It should be part of the planning conversation.
• Have you had the money talk? Conversations around values, goals, and responsibilities matter. Talk about how wealth is built, and how easily it can disappear without a plan.
• Got a will? If you haven't done this yet, it's not too late, but please don't delay. Wills don't just protect your assets, they help protect your relationships.

If You Might Be Inheriting…

If you're in the younger group likely to receive wealth in the coming years, now's the time to get financially literate. You don't need to know everything, but you do need to be curious enough to learn.

• Find a great adviser, you can start through Vanessa's financial advice network. Even one session can help you understand what to do if and when you receive a windfall. The sooner you start, the smarter your decisions will be.
• Understand the tax and timing. Not all inheritances are straightforward. Super, property, and investments can all have rules. Learn what applies to you before you make any big moves.
• Don't rush it. Money that comes quickly can leave just as fast. Take your time, get advice, and figure out what you want your life to look like, then use the money to support that vision.

A Moment Worth Preparing For

The next decade will see trillions of dollars transferred from one generation to the next in Australia. That wealth shift will shape families, futures, and the economy.

So let's treat it like the moment it is. Let's prepare, get advice, and make sure that when the money moves, it makes lives better, not messier.

Whether you're planning to leave a legacy or receive one, the time to start talking, and acting, is now.

This article contains general information only and does not provide personal financial, investment, legal, tax or lending advice. Consider your circumstances and seek appropriately qualified professional advice before making investment decisions.