What to do when you receive an inheritance – with Betsy Westcott

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Sep 1, 2025

Betsy Westcott, a financial wellness coach with a knack for guiding individuals and couples in their money journeys, joins the discussion on inheriting wealth. They delve into the emotional complexities of receiving an inheritance, including grief and guilt, and the significance of family dynamics. Betsy emphasizes the importance of building a trusted team of financial professionals and highlights the critical need for communication about financial goals. With $3.5 trillion expected to be inherited in Australia, this episode offers crucial insights for anyone navigating this life-changing experience.

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ADVICE

Pause, Then Check Time-Sensitive Rules

Slow down major financial decisions after receiving inheritance; park funds in a safe place while emotions settle.
Seek an accountant or lawyer early if you inherit property or shares because time-sensitive tax rules may apply.

ADVICE

Do Your Will And Document Wishes

Everyone should make a will and document estate wishes to avoid costly, slow court processes.
Also review superannuation and insurance, as some assets fall outside wills and need direct beneficiary instructions.

ADVICE

Assemble A Cohesive Advice Team

Build an A‑team: include a financial advisor, accountant, estate lawyer and optionally a money coach to coordinate estate decisions.
Ask these professionals to communicate with each other to avoid mixed messages and save stress.

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In this episode of the Australian Finance Podcast, your host Gemma Mitchell is joined by financial wellness coach Betsy Westcott to unpack the complexities of inheritance.

With an estimated $3.5 trillion expected to change hands in Australia over the coming decades, more people will be navigating the financial and emotional realities of receiving an inheritance.

Together, Betsy and Gemma explore: – The emotional weight of receiving a financial legacy – How to manage family dynamics and partner expectations – What to do first (hint: it’s not investing!) – How to seek the right advice and build a trusted team – What happens if you're not expecting an inheritance

This conversation is packed with practical tips and deep emotional insights.

Subscribe to the Australian Finance Podcast on Apple, Spotify, or YouTube to stay up to date.

Topics Covered

– What is the $3.5 trillion intergenerational wealth transfer?

– Giving with warm hands vs inheritance after death

– Emotional responses: grief, guilt, identity shifts

– The pressure to “do the right thing” with inherited money

– Managing inheritances in a couple or family context

– Time-sensitive tax implications for inherited property

– Who to include in your financial "village"

– Roles of a financial adviser, accountant, lawyer & money coach

– Why flexibility and patience are key in early decisions

– Teaching kids about money and building your own legacy

– What to do if you’re not receiving an inheritance

– Why open conversations about money are critical

Resources for this episode

– Betsy Westcott’s Inner Money Journey

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DISCLAIMER

This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs before acting on it.

If you’re unsure, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance.

The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.

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