Talking about inheritance can be daunting. It touches on two of life’s uncomfortable realities, morality and money. But avoiding it doesn’t protect anyone. In fact, leaving these things unsaid can create confusion, tension and uncertainty for the people you love most.
At its core, inheritance is about more than assets. It’s about legacy and leaving something behind that reflects not only what you have, but who you are and what you value.
As a financial advisor, one of my roles is to help clients with these tricky family conversations, ensuring they navigate inheritance and generational wealth transfer smoothly.
Why inheritance conversations matter
One question we often get asked from someone who has received an inheritance is: “What would Mum and Dad want me to do with it?”
By the time they’re asking, it’s not about the numbers, the money is already in the bank. Instead, it’s about honouring the person and purpose behind the inheritance.
Talking about inheritance gives families a shared understanding of those intentions. It gives your loved one’s confidence to make decisions that respect your values, your intentions and your legacy. These discussions are about more than assets. They’re about care, guidance, and passing on lessons and values that endure across generations.
Inheritance conversations can prevent misunderstanding and conflict
By sharing the reasoning and purpose behind wealth transfers, families can reduce ambiguity and ensure that everyone feels respected and aligned. Many close-knit families never talk openly about what the parents or grandparents would like to happen to the wealth they’ve spent a lifetime building up.
Inheritance conversations are an opportunity to shape a multi-generational legacy. Whether it’s supporting travel, education, buying a home or philanthropy, these discussions allow values to ripple through generations, ensuring that the wealth is used in ways that reflect the vision and care of the person who created it.
Focus on values and intentions
The most meaningful inheritance conversations focus on whywealth is being passed on rather than what. They're about intention and the values you want to leave behind.
Starting the conversation doesn't need to be formal or perfect. Often it begins with one intentional and heartfelt discussion, where you share your hopes, your values, or the things that matter most to you.
This might include discussions about:
- The experiences you want to enable such as travel and education
- Creating investment strategies to grow and protect wealth for the long term
- Causes and philanthropic initiatives that matter to you and how you hope your family might continue that legacy
- Lessons, values or habits you hope your children and grandchildren carry forward
Afterward smaller follow-ups or practical discussions can continue as needed but the primary goal is to ensure that your intentions are clearly communicated from the start.
Make inheritance a two-way conversation
These conversations are rarely simple. They are emotional, deeply personal, and sometimes even uncomfortable. Family members may have strong feelings, different expectations, or a sense that things aren't fair. It's important to recognise that fair doesn't always mean equal and that navigating those differences thoughtfully is part of the process.
A two-way conversation is a non-negotiable when having these discussions. Going in with an open mind and empathy is essential, because people may have questions, worries, or even hurt feelings and that’s completely normal.
The role of a financial advisor for inheritance guidance
Sometimes, bringing in a neutral person such as a financial advisor , mediator or estate planning lawyer can make these conversations smoother. They can help navigate the conversation itself, making it easier to address questions, concerns and differing perspectives. They don’t replace the family discussion; they help ensure the values and intentions are understood and carried through.
Leave a lasting impact by planning for inheritance
Talking about inheritance isn’t just moving money around. It’s shaping your family’s story. So be brave, be clear, and don’t be afraid to ask for help along the way.
Our wealth transfer and inheritance team includes estate planning lawyers, financial advisors and philanthropy consultants who can help your family with these conversations to guide the legacy your inheritance will leave. Submit the form below to arrange a free consultation.
Disclaimer: The content is intended as general information only and should not be considered as advice on any matter and should not be relied upon as such. This has been prepared without taking into account any individual objectives, financial situation or needs. You should therefore consider the appropriateness of the information in regard to these factors before acting or seek advice before making any financial decisions. BlueRock Private Wealth is a corporate authorised representative of BR Advice (AFSL No: 488 655, ABN: 30 612 056 523).
