Who Should Inherit Your Wealth? A guide to Making the Right Decision

Summary

When it comes to estate planning, few questions are as personal, or as complex, as deciding who should inherit your wealth.

Content

When it comes to estate planning, few questions are as personal, or as complex, as deciding who should inherit your wealth. Whether you're passing on a modest nest egg or a multimillion-dollar portfolio, the decision involves more than just numbers. It’s about values, relationships, and legacy.

Start with Your Intentions

Ask yourself: What do I want my wealth to achieve? Whether it’s supporting family, funding education, or giving back to the community, your goals should guide your decisions.

Family Isn’t Always Simple

While many default to leaving everything to family, it’s worth considering:

• Financial readiness: Are your heirs prepared to manage a lump sum?

• Life circumstances: Are there dependents with special needs or strained relationships?

• Fairness vs. equality: Should each beneficiary receive the same amount, or should distributions reflect individual needs?

Use the Right Structures

Tools like wills, testamentary trusts, and superannuation nominations help ensure your wishes are followed and your estate is protected. These structures can also reduce tax burdens and prevent disputes.

Consider Charitable Giving

If you’re passionate about a cause, allocating part of your estate to a charity or foundation can be a powerful way to extend your impact beyond your lifetime.

Prepare Your Beneficiaries

Inheritance can be a gift—or a burden. Educating your heirs about financial management and your intentions can help them make wise decisions and honour your legacy.

A well-considered inheritance plan ensures your wealth supports the people and causes that matter most to you. It’s not just about what you leave behind, it’s also about how you’re remembered.