What to do when you receive an inheritance – with Betsy Westcott
Australian Finance Podcast
Intro
This chapter explores the responsibilities and strategies involved in managing an inheritance. It encourages listeners to prioritize their financial goals and make informed decisions about investing, saving, and spending their newfound wealth.
In this episode of the Australian Finance Podcast, your host Gemma Mitchell is joined by financial wellness coach Betsy Westcott to unpack the complexities of inheritance.
With an estimated $3.5 trillion expected to change hands in Australia over the coming decades, more people will be navigating the financial and emotional realities of receiving an inheritance.
Together, Betsy and Gemma explore: – The emotional weight of receiving a financial legacy – How to manage family dynamics and partner expectations – What to do first (hint: it’s not investing!) – How to seek the right advice and build a trusted team – What happens if you're not expecting an inheritance
This conversation is packed with practical tips and deep emotional insights.
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Topics Covered
– What is the $3.5 trillion intergenerational wealth transfer?
– Giving with warm hands vs inheritance after death
– Emotional responses: grief, guilt, identity shifts
– The pressure to “do the right thing” with inherited money
– Managing inheritances in a couple or family context
– Time-sensitive tax implications for inherited property
– Who to include in your financial "village"
– Roles of a financial adviser, accountant, lawyer & money coach
– Why flexibility and patience are key in early decisions
– Teaching kids about money and building your own legacy
– What to do if you’re not receiving an inheritance
– Why open conversations about money are critical
Resources for this episode
– Betsy Westcott’s Inner Money Journey
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DISCLAIMER
This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs before acting on it.
If you’re unsure, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance.
The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.
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