Inheritance

It is not every day that people are gifted large sums of money or valuable property.
When this gift comes to you, as an inheritance there is a lot of financial decision making ahead for a beneficiary.

There can be excitement but also fear that money and opportunity might be wasted if you make the wrong decisions.

It is important to consider the following:

  • Understand Your Situation – you will need to be aware of tax, legal matters and procedures that may apply
  • Plan for your future – before you spend your newly acquired wealth, strike a balance between achieving short-term and long-term goals
  • Consider your investment strategies – it is important to identify investment strategies based on timeline and horizon for the investment.
  • Consider your debt plan – it is important to consider whether you should reduce your mortgage
  • Retirement Plan – additionally it is important to consider whether you should contribute to super
  • Estate Planning – a financial windfall or inheritance will change your position in relation to estate planning strategies. You will need to consider updating your wills, beneficiaries and trusts to make sure they continue to remain effective with the addition of your inheritance.

Understand your situation

You will need to be aware of tax, legal matters and procedures that may apply

Plan for your future

Before you spend your newly acquired wealth, strike a balance between achieving short-term and long-term goals

Consider your investment strategies

It is important to identify investment strategies based on timeline and horizon for the investment.

Consider your debt plan

It is important to consider whether you should reduce your mortgage

Retirement Plan

Additionally it is important to consider whether you should contribute to super

Estate Planning

A financial windfall or inheritance will change your position in relation to estate planning strategies. You will need to consider updating your wills, beneficiaries and trusts to make sure they continue to remain effective with the addition of your inheritance.

If an inheritance or unexpected windfall comes your way, you can feel confident that by contacting a financial adviser you will receive the support you need to make the decision in front of you, and to make the most of your opportunity.

Feel more in control of your finances

Talk to us today on (02) 9894 1844 for an initial consultation.