Life Journey Series – Inheritance

October 21, 2019

The legacy of your loved one. Their last parting gift for you. An inheritance.

The confronting question: How do you want to honour your loved one’s final legacy?

It is a tremendous honour when a treasured loved one leaves you a gift. However, it is our responsibility to ensure we live up to that honour and to spend this gift wisely. Firstly, take a deep breath. This is a lot to handle and consider – we know. Knowing what to do with a lump sum of money during an emotional and painful time is scary. We more than appreciate that this poses as somewhat of a dilemma.

You are already dealing with a difficult time and now, your new-found financial responsibility has added a spanner in the works. Are you going to jump on that cruise you have always wanted to go on? Are you going to buy a new car? Ahhhh…. It is easy to get overwhelmed.

We here at Visia Financial Services have a few key tips up our shelves on this very emotional and sensitive situation:

Firstly, do NOT act on impulse

Emotions are high, adrenaline is going crazy, you are all over the shop. Okay…sit back and take a breath. You are more than entitled to treat yourself but do not act on impulse with your new-found financial responsibility. Once things settle, think about your overall situation with a clearer head before making any big decisions.

Pay down a debt

Are you still paying off your mortgage? How bad is your credit card bill looking? Working towards paying off your debts is a smart move. At the end of the day, your debt isn’t going to disappear just because you are on that cruise. Look at downing that debt with your inheritance!

Contribute towards your Super

You have heard us say it before and we are going to say it again. Contribute towards your Super. As you know, Superannuation is a tax-effective way to save for your retirement. This is massively beneficial in the long haul as earnings are only taxed at 15%, compared with your usual marginal rate. Don’t just think about you today, think about you 10-20-30-40 years from now. Just as a loved one left a gift for you today, leave a gift for yourself for your future.


With investment comes risk. We know that. How comfortable are you with the ups and downs of the market? If you are willing to take the chance, investing can be a very smart way to remember a loved one by. This option can really help you work towards your pressing financial goals.

Lock it away for a rainy day

Okay, you are at a loss for words and the plethora of options for your money is starting to get the better of you. Well, when in doubt – lock it away. We always emphasise the importance of a rainy-day fund. Preparing for a storm is both necessary and practical. You never know when that storm might hit and honouring a loved one’s legacy by preparing for the storm is an excellent idea.

Talk to a pro

A financial adviser helps you navigate your options and the investment landscape to make sure that the final gift is used in the right way. Your friends at Visia Financial Services want your loved one’s legacy to be remembered with honour. We understand that this is an emotional time and will hold your hand every step of the way. Let us start the conversation.

Kora Drage is an Authorised Representative of Financial Wisdom Limited ABN 70 006 646 108, AFSL 231138. The information contained in this article may contain general advice. It does not take into account your financial circumstances and objectives. You should consider talking to a financial adviser and read the relevant Product Disclosure Statement (PDS) before making a financial decision. Any views and opinions provided in this article may not reflect the views and opinions of Financial Wisdom Limited.

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