How to talk about inheritance with family
- Malcolm Davis
- Oct 21
- 3 min read
Conversations about money can be tricky, especially when it comes to inheritance. Yet with the holiday season approaching and families spending more time together, now can be the ideal moment to start the discussion.
Baby boomers, Australia’s richest generation, are expected to pass on around $3.5 trillion in wealth over the coming decades, mostly through inheritance. Known as the Great Wealth Transfer, it will reshape how wealth is distributed and highlight the importance of open, transparent conversations between generations.
Why families argue over inheritance
According to the Solomon Hollett Lawyers Inheritance State of Play in WA report:
42 per cent of respondents either don’t have a clear inheritance plan or aren’t sure if their loved ones do.
60 per cent expect an inheritance dispute within their family.
22 per cent believe their loved ones would struggle financially without an inheritance.
These figures reveal how unprepared many families are. When intentions aren’t clearly expressed, or when one sibling feels left out, tensions can surface quickly.
Common reasons for conflict include:
Unequal distribution between siblings
Lack of communication about parents’ intentions
Complex family structures such as second marriages or step-siblings
Financial dependency or unrealistic expectations among heirs
For more on how estate planning can prevent disputes, see Aspire2Wealth’s earlier article: Australians are unprepared for the Great Wealth Transfer – why estate planning matters now.
How to discuss inheritance with family
Talking about inheritance isn’t about who gets what. It’s about understanding values, ensuring fairness, and preventing conflict later on. Here are practical steps to start the conversation.
1. Choose the right moment
Holiday gatherings, when families are already together, can be a natural setting. Keep it relaxed and private, perhaps over coffee or a quiet walk, rather than during a big meal.
2. Lead with intent, not detail
Begin with why you want to talk about your plans: peace of mind, protecting loved ones, or reducing confusion later. Starting with “I want to make things easier for everyone” helps set a positive tone.
3. Involve a neutral professional
Consider inviting your financial adviser or estate planner to facilitate a family meeting. A neutral voice can help clarify technical points and defuse emotional tension. The Australian Government’s MoneySmart guide to estate planning provides useful background information.
4. Review your arrangements regularly
Life changes such as marriages, new children, or property sales can all affect your financial position. Reviewing your plans every few years ensures they still reflect your current circumstances.
5. Keep communication ongoing
Inheritance planning shouldn’t be a one-off talk. Revisit the topic periodically and make sure all key documents, such as powers of attorney and superannuation beneficiary nominations, are up to date. The Australian Taxation Office explains superannuation death benefits and how they’re distributed.
How Aspire2Wealth can help
Aspire2Wealth advisers work closely with clients to design inheritance and intergenerational wealth plans that protect both family relationships and financial outcomes.
Our team helps clients:
Clarify intentions through structured family discussions and inheritance mapping
Align financial strategies with long-term family goals
Plan for tax implications and future care needs
Facilitate family meetings where an independent adviser helps keep conversations constructive
Whether you are preparing to transfer wealth or receiving it, Aspire2Wealth provides the financial, legal and emotional context to make the process smoother and more transparent.
How to keep the peace between siblings
If there’s a history of rivalry or difficult relationships, preparation is key.
Communicate transparently about your intentions
Document decisions clearly
Avoid surprises by explaining your reasoning if certain distributions differ
Where conflict seems unavoidable, appoint an independent executor or trustee
Mediation services, such as the Family Court of WA Mediation Service, can help families resolve disputes without lengthy court battles.
The value of professional advice
Inheritance planning is not only about distributing assets. It’s about protecting relationships. A qualified adviser can help you structure your estate to balance fairness, tax efficiency and emotional harmony.
If you’d like guidance on how to prepare your inheritance plan or start a family discussion, book a confidential consultation with Aspire2Wealth.
Sources:
Solomon Hollett Lawyers – Inheritance State of Play in WA 2024
Australian Taxation Office – Superannuation death benefits
ASIC MoneySmart – Estate planning
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.
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