Australian Finance Podcast

What to do when you receive an inheritance – with Betsy Westcott

5 snips
Sep 1, 2025
Betsy Westcott, a financial wellness coach with a knack for guiding individuals and couples in their money journeys, joins the discussion on inheriting wealth. They delve into the emotional complexities of receiving an inheritance, including grief and guilt, and the significance of family dynamics. Betsy emphasizes the importance of building a trusted team of financial professionals and highlights the critical need for communication about financial goals. With $3.5 trillion expected to be inherited in Australia, this episode offers crucial insights for anyone navigating this life-changing experience.
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INSIGHT

Huge Wealth Transfer Is Concentrated

  • A $3.5 trillion intergenerational wealth transfer is underway in Australia and will accelerate to roughly $500bn per year by 2040.
  • Most transfers concentrate in wealthier families, widening the wealth gap rather than evenly distributing funds.
INSIGHT

Many Parents Give Early

  • Around 70% of Australian parents over 50 plan to give some wealth earlier via "giving with warm hands" instead of waiting until death.
  • This shifts when inheritances arrive and means younger recipients may get help sooner in life.
INSIGHT

Emotional Load Of Inheritance

  • Receiving inheritance often arrives with grief, guilt, and identity shifts that complicate financial choices.
  • New wealth can make recipients worry about worthiness and social judgement, affecting openness and decisions.
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