Receiving an inheritance can be one of the most emotional financial moments in a person’s life. It can arrive at a time of grief, reflection and change, often when people are least ready to make major financial decisions.
Stonehouse Adviser Ben Hancock was recently featured in the Australian Financial Review article, “44pc of people blow an inheritance in a year. Here’s what not to do”, sharing practical insights on how people can approach inherited wealth with care, perspective and a long-term plan.
The article explores how inherited wealth can create very different behaviours. Some people feel pressure to spend quickly, while others feel emotionally unable to use the funds at all. Both responses are understandable, particularly when an inheritance is connected to the loss of someone important.
Ben’s contribution focused on the need to recognise that an inheritance is usually a one-off financial opportunity. He noted that without careful planning, inherited funds can easily be absorbed into holidays, lifestyle purchases or short-term spending decisions. Used thoughtfully, however, an inheritance can help reduce debt, strengthen retirement savings, support future income needs or create lasting family security.
One of the key messages from the article is the value of pausing before making big decisions. Taking time to understand the options, consider the tax and estate planning implications, and seek advice can help families make decisions that reflect both their current needs and the legacy behind the inheritance.
Making an Inheritance Count
At Stonehouse, we regularly work with clients and their families on intergenerational financial planning. These conversations are not just about money. They are about family values, responsibility, education and helping the next generation make informed choices.
For clients who would like to read the full article, it is available through the Australian Financial Review here:
AFR Article: 44pc of people blow an inheritance in a year. Here’s what not to do
Read the full article
If you or your family are expecting, receiving or planning to pass on wealth, speaking with a Stonehouse adviser can help turn a difficult life event into a considered plan for the future.
