An inheritance arrives at a difficult time and brings decisions that don't need to be rushed — but do need to be made carefully. Getting independent advice before you act can make a significant difference.
An inheritance almost always arrives alongside grief. That combination — significant money, emotional weight, and often family complexity — is not the ideal environment for making major financial decisions. Our first piece of advice to anyone who has recently received an inheritance is simple: don't act immediately.
The second piece of advice: when you do act, get independent guidance first. Geoff works with clients who have received inheritances ranging from modest to substantial, and the consistent theme is that thoughtful decisions made without pressure produce far better outcomes than rushed ones.
Australia doesn't have a direct inheritance tax, but that doesn't mean an inheritance is tax-free. If you inherit shares, an investment property, or other assets with embedded capital gains, selling them will trigger a CGT event — and how you handle that matters.
The timing of a sale, how assets are held, and whether they're transferred into your own name or held in trust can all have meaningful tax implications. Understanding these before making any decisions is essential.
If you've received cash, or have sold inherited assets, the question of what to do with the money is a significant one. The options — paying down debt, investing, adding to superannuation, or some combination — each have different implications depending on your age, your income, and your existing financial position.
Superannuation in particular can be a highly tax-effective home for an inheritance if you're still within your contribution caps. We work through the options with you and model out the long-term impact of different approaches before you commit to anything.
Where an inheritance involves property shared with siblings, or a family business, or assets that need to be divided, the financial and legal complexity increases considerably. We work alongside solicitors and accountants where needed to ensure the financial advice side is handled properly.
We also help clients who are the executors of an estate understand their obligations and navigate the process of distributing assets in a tax-effective way.
Receiving an inheritance is often the moment people first seriously consider their own estate planning. If you haven't updated your will or reviewed your beneficiary nominations, now is a good time. An inheritance can change your financial position significantly — your estate planning should reflect that.
Talk to GeoffA straightforward conversation with Geoff could give you more clarity than years of going it alone. There's no obligation — just honest, practical advice from someone who's been doing this for over two decades.
