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
