Inheritance: What to do?

I’ve recently inherited some money. What are the first steps I should take to make smart decisions with it?

Inheriting money can be both an emotional and financial turning point, and it’s wise to approach the next steps carefully. Rather than making quick decisions, the first thing to do is assess your overall financial position. You’ll want to understand exactly what you’ve inherited; whether it’s cash, property, shares, or superannuation, and the tax implications of each. Once you have a clear picture, you can begin exploring how the inheritance fits into your financial goals. This might include debt reduction, investment, retirement planning, or estate planning of your own.

A financial adviser can help you prioritise, make sense of the technical considerations, and develop a plan to use the inheritance wisely and tax-effectively.