How to plan for inheritance when it arrives later in life
- Malcolm Davis
- Oct 27
- 3 min read
Inheritances are arriving later in life for many Australians, and that changes how families plan for the future.
At Aspire2Wealth, I often meet clients who receive an inheritance in their late fifties or early sixties, around the same time they’re thinking about their own retirement. Instead of using this wealth to get started in life, they’re using it to secure their later years or help adult children into the property market.
Recent Household, Income and Labour Dynamics in Australia (HILDA) Survey confirms what we’re seeing every day. Most inheritances are now received between ages 55 and 59, and the average value is around $125,000.
A new reality for families
When inheritances arrive later, the role they play changes. What might once have been used to buy a first home or pay school fees now often becomes part of a retirement strategy.
I’ve worked with many clients who are navigating this balance. They’re grateful for the inheritance, but they also feel the weight of responsibility. Some choose to pay down debt or top up superannuation. Others use it to help their children buy a home through early gifting or shared property ownership.
In these cases, the inheritance becomes part of a broader intergenerational plan rather than a single windfall. It’s an opportunity to strengthen financial independence for both generations.
If you’re considering professional guidance in this area, you might find my colleague and fellow Aspire2Wealth adviser John’s thoughts in Is it worth paying for a financial planner or adviser? useful.
How later inheritances affect family planning
The rising age of inheritance creates a ripple effect across families. Children often need financial help earlier in life, while parents receive wealth much later.
At Aspire2Wealth, I encourage families to think about two parallel strategies: one for your own retirement and another for how you’d like to support your children.
Sometimes that means providing smaller gifts over time rather than a single large inheritance.
These conversations are about more than numbers. They’re about values — how you want your wealth to influence your family’s future.
Using an inheritance wisely
When an inheritance does arrive, it’s important not to rush. Take time to understand the financial, tax and emotional implications before making decisions.
Some people find that investing in property provides long-term stability and income. Others may benefit more from reducing debt or increasing superannuation contributions. What matters most is having a clear plan that fits your goals and stage of life.
Working with an adviser can help ensure the money you’ve inherited serves a purpose — whether that’s improving your lifestyle, supporting family, or securing your retirement.
Planning ahead for your children
Inheritance planning isn’t only about what happens later. It’s about structuring your assets in a way that provides clarity and fairness for those you care about.
At Aspire2Wealth, we help families design strategies that consider property, superannuation and investment portfolios together. Clear documentation and open discussion can prevent misunderstandings and ensure your intentions are honoured.
I often tell clients that a well-planned inheritance is as much a gift of peace of mind as it is of money.
If you’d like to discuss how to prepare or manage an inheritance, book a complimentary consultation.
Sources:
Household, Income and Labour Dynamics in Australia (HILDA) Survey, Statistical Report 2025, University of Melbourne: melbourneinstitute.unimelb.edu.au/hilda
Australian Bureau of Statistics — Household Wealth and Distribution
Aspire2 Wealth Advisers Pty Ltd ABN 42 125 897 903 is an authorised representative and credit representative of Charter Financial Planning Limited ABN 35 002 976 294, AFSL and Australian Credit Licence No. 234665.
This website contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
Comments