Inheritance considerations

How you best deal with this emotional decision is very personal, although definitely worth careful and informed consideration.

We will discuss a few points that you may find helpful before making a decision about your inheritance. 


  • What are the wishes of the person who has gifted you this money?  

  • Is there a specific purpose or wish they have documented in the will or expressed to you?  

  • Is there personal expenditure that you could reduce? For example, can you use it to replace or update a vehicle, provide funds to a family member and/or reduce your mortgage? 

  • It is important to identify your highest needs first and then work through how this will impact your position. This will then allow you to focus on how to use the remaining funds.   


Is there an expectation from your children that they will receive funds from the inheritance? Do you wish to provide some assistance to others? 

This is your money, and you decide how you wish to use it. However, having a discussion with your family could be important to avoid any potential uncertainty and discontent. Remember to document your decision as your decision could be challenged in the future (including your estate). 

Access to funds:

If you wish to use the inheritance to replace a vehicle, do home renovations, or do something more exciting such as travel, it is a good idea to set funds aside specifically for this. 


With the rising cost of living, the ability to reduce debt and expenses including personal loans, credit cards and home loan could provide you with peace of mind.  

Talk with your lender to understand any early repayment implications and potential penalties, particularly for fixed interest rates. It is often a good approach to first repay the loans with the highest interest rate.  


You may want to consider using some funds to bolster your retirement savings.  

Before adding any funds into super, it is important to be aware of any superannuation rules and restrictions that may be applicable. We recommend you talk to your financial adviser before making any decisions about your superannuation.  


Many find that Centrelink can be overwhelming and at times, confusing. An inheritance could place you in a stronger financial position. However, it may impact your eligibility for Centrelink payments. There may be strategies that a financial adviser can potentially implement to improve your Centrelink position. It is important to notify Centrelink within 14 of your inheritance so that they adjust your payments accordingly.  

An inheritance usually comes at a difficult time with the loss of a family member or relative. It can provide you with some flexibility and options for your future, which are worth considering before making any decisions. It is important to take a holistic approach and consider your personal circumstances, goals and objectives  

To make the most of the opportunity, seek advice from a trusted adviser. 

Ian Helmore

Financial Advisor
Beyond Bank Australia

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