May 17, 2022
Inheritance is kind of like anything to do with money, religion, or politics for many people. It is almost taboo when it comes to dinner party conversations or even banter among those who know and love us. It seems rather old-fashioned to me!
To tackle this topic, I am lucky to have here today Vanessa Stoykov is a financial educator and best-selling author. From her 22-year history of owning a financial services education-focused media business, Evolution Media Group, Vanessa has a deep understanding of the finance world and has the unique ability to communicate this in a way that everyday people can understand. She is also the Founder of NMP Education, an award-winning television producer, and an author.
Recent research commissioned by Vanessa reveals that 74% of Australians believe you should be having conversations with family members about inheritance before the person passes away, but only half actually have. The main reason behind why people haven’t, even though they want to, is because they aren’t sure about how to approach the “touchy subject”. They keep putting it off because they aren’t sure about the response they will receive.
In the next 15 years, it’s estimated that the average Australian could receive $320,000 in inheritance[1]. This $3.5 trillion wealth transfer between one generation to the next is being dubbed ‘the economic tsunami’, and it highlights the enormous impact inheritance will have both to the country’s economy as well as people’s day-to-day lives. Interestingly, the data also highlighted that almost half of respondents (48%) believed having these conversations before it’s too late will lead to less conflict amongst beneficiaries after their loved one’s passing, which is a key driver behind why so many people think it’s important. An overwhelming majority (74%) believe it’s up to the person leaving the inheritance to instigate the conversation when and if they choose to do it.
In this episode, Vanessa and I discuss:
- Why do you think people expect an inheritance to be theirs because of bloodlines or marriage? Does this a historical reference?
- What is your take on the idea that inheritance can be planned differently – such as giving it all away for a philanthropic legacy or giving it well before you pass away?
- What mistakes do many people make when it comes to receiving an inheritance no matter their age or financial status? E.g., https://www.journalofaccountancy.com/newsletters/2017/apr/avoid-inheritance-mistakes.html
- Do will disputes often cost more than their worth in legal fees etc? How can that be avoided?
- Take away: What is your final takeaway message for us on The Politics of Inheritance?
Contact details:
LinkedIn: https://www.linkedin.com/in/vanessa-stoykov/
W: https://vanessastoykov.com.au/
[1] https://www.nmpeducation.com.au/opinions/reinvention-new-retirement-sizzler/
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