Receiving an inheritance can be both a blessing and sometimes feel like a burden. At Boutique Advisers, we specialise in helping those facing the prospect of inheritance and families transferring wealth through generations. We assist clients in Perth, Australia and internationally to make informed decisions on their next chapter. Below are some key areas to consider:
Don’t rush to make any decisions
It can be an emotional time when someone you love and value passes. It’s wise to let your inheritance sit in a safe, accessible and interest bearing investment for a few months while you grieve and prior to finalising your plan.
Make decisions that respect the legacy of your family members
The hard work and sacrifices made by those you cherish made this newfound wealth possible. As such, you’re the new custodian responsible for this store of wealth and should honour the family – both past, present and future.
Invest for your future, not just the now
Steer clear of overspending initially in areas such as consumable goods or any other non-essentials spending. Take a step back at the bigger picture and put your medium term (3-5 years) and long term (5+ years) goals into perspective. Investing for these end goals now could set you up for life.
Seek help from a professional adviser
Working with a financial advisor will provide you with clarity and confidence when making decisions around the complexities involved with receiving an inheritance. They will also ensure your decisions made align with your overall goals, life purpose and take into account any future legacy considerations.
By taking note of the above key areas, you can ensure you make best use of your inheritance and provide for the best possible outcome, not just now and for you, but for the future and the generations that follow.
Please contact our team and we can help you navigate this change in circumstances.
