The #1 Thing To Do When You Receive an Inheritance

If you’ve received an inheritance and you’re not sure what to do with it, the most important first step is often to do nothing.
Give yourself time to sit with the emotions, especially if the inheritance has come through loss or grief, and take the space to properly understand what you’re receiving. Cash is usually straightforward, but assets like shares or property come with tax considerations that are easy to overlook.
In Australia, when you inherit shares or property, you generally inherit the original cost base. That becomes important if you’re thinking about selling, as capital gains tax may apply based on that original purchase price. If an inheritance is being shared between family members, there may also be opportunities to inherit assets directly rather than selling them within the estate, which can help manage tax outcomes.
Once you have clarity around what you’ve inherited and the after-tax position, you can start thinking about how it might support your life moving forward. That could mean investing part of it for the long term, contributing to super, reducing debt, improving your home, or simply creating experiences that matter to you.
There’s no rush. Thoughtful planning and understanding the tax implications can make a meaningful difference.
General advice only. Based on Australian regulations.

Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).

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Advice Disclaimer || Any advice given by the presenter/s has been prepared without considering your individual objectives, financial situation or needs. So, before you act on the advice you should think about whether the advice suits your objectives, financial situation or needs. If the advice relates to acquiring a financial product you should obtain a copy of the Product Disclosure Statement for that product and consider it before making a decision. This presentation has been prepared by Consortium Private Wealth Pty Ltd (ABN 74 616 250 965) (AFSL 495401). If you require advice which takes into account your objectives, financial situation and needs you should speak to a financial adviser.

Robert Goudie (ASIC Reg 235974), Ashley Rowan (ASIC Reg 433899), Olivia Glare (ASIC Reg 1262290), Rachael Todman (ASIC Reg 1270413) & Amy Lehmann (ASIC Reg 1292710) are Authorised Representatives of Consortium Private Wealth Pty Ltd ABN 74 616 250 965 AFS Licence 495401.