Coming into an Inheritance: Here’s How to Make It Work for You

Inheriting wealth after the loss of a parent can be bittersweet. On one hand, you’re grieving someone you loved deeply. On the other, you’re faced with a potentially life-changing financial windfall that demands decisions—fast.

Let’s be real—it’s not the kind of situation anyone plans for, and emotions can run high. But making the right moves with your inheritance can transform it into a powerful stepping stone for your financial future. The key? Strategy.

Here’s how to take control of your inheritance and make it count, without the stress or the family drama.

Step 1: Know What You’re Working With

Inheritances aren’t always simple. They can come in many forms:

• Cash (easy to manage, but don’t blow it!)
• Property (think tax implications and market timing)
• Shares (CGT and dividends are in the mix)
• Superannuation (tax rules apply based on your relationship to the deceased)
• Treasured possessions (priceless but tricky to divide).

Before you make any decisions, you need a clear picture of what’s on the table. This is where professional advice can save you from costly mistakes.

Step 2: Manage Shared Ownership Like a Pro

If you’re the sole beneficiary, handling the estate is (relatively) straightforward. But if you’re sharing the inheritance with siblings or other family members, things can get… complicated.

Here’s the deal:

• Different family members will have different priorities. Some might want to keep the family home; others might want to sell and split the cash.
• Open communication is non-negotiable. This is a time to keep tempers cool and focus on solutions.

Options include:

• Buying each other out (e.g., one sibling keeps the house while the others take cash or other assets).
• Unequal asset division (some may forgo cash for a larger share of property or super).

Pro tip: Don’t go in alone. Complex arrangements—or large sums—call for professional guidance. The right advice ensures everyone gets a fair deal without tearing the family apart.

Hot tip: These conversations are way easier to have before your parents pass away. Discussing the terms of the will upfront can prevent confusion, disputes, and ill will later.

Step 3: Prioritise Like a Boss

When a lump-sum inheritance lands in your lap, it’s tempting to act fast. But hold up—this is your chance to make a serious impact on your financial future.

Here are your top priorities to consider:

1. Pay off debt: If you’ve still got a mortgage, clearing it could be a game-changer.
2. Super boost: Thinking of retirement? Pump up your super with a personal contribution. Depending on your situation, you could put up to $300,000 into your account in one hit.
3. Help the next generation: Share the wealth by helping your kids or grandkids get into the property market. A deposit gift or loan could be their golden ticket to a home.
4. Treat yourself: Always dreamed of that luxury holiday or bucket-list experience? Using part of your inheritance for something meaningful can honour your parent’s memory while enriching your life.

Pro tip: The smartest approach might be a mix of saving, sharing, and spending. But whatever you do, take your time and make informed choices.

Step 4: Don’t Let Emotions Drive the Bus

Grieving the loss of a parent is a deeply personal and emotional journey. It’s normal to feel overwhelmed—and making big financial decisions during this time isn’t easy.

Here’s the truth:

• Rushing decisions often leads to regret.
• Taking time to reflect, process, and plan is crucial.

The smartest move you can make? Talk to an expert who understands the financial and emotional complexities of inheritance.

Step 5: Get Professional Help to Maximise Your Windfall

This is where MW Group comes in. We specialise in helping Australians like you navigate the complexities of inheritance, ensuring every dollar works harder for you and your family.

✅ Understand your position—cash, property, shares, super? We’ll help you sort it all out.
✅ Minimise tax exposure—why pay the ATO more than you need to?
✅ Create a plan—save smarter, invest strategically, and secure your future.

Ready to Take Control of Your Inheritance?

This isn’t just about money—it’s about honouring your loved one’s legacy and setting yourself up for long-term success. Let’s make sure your inheritance works for you.

👉 Book your free consultation today to start building a plan with MW Group.

Because every dollar matters—and so does peace of mind.