Inheritance can be one of the hardest financial topics for families to discuss. For parents, it can bring up uncomfortable thoughts about ageing, mortality and family dynamics. For adult children, it can be difficult to know whether to ask questions, make plans or stay silent.
As a result, many families avoid the conversation altogether.
At Halpin Wealth, we often see how this can create uncertainty over time, particularly when children have different expectations about what support may be available, either now or in the future.
“Most parents want to help their children if they can,” says Heath Visser, Financial Adviser & Partner at Halpin Wealth.
“But inheritance planning needs to be approached carefully, because it affects not only the next generation, but also your own retirement security and family relationships.”
While every family is different, there are several key questions worth considering before starting the conversation.
Should you consider an early inheritance?
For some families, passing on wealth during a parent’s lifetime can be more meaningful than leaving everything through an estate.
An early inheritance may help adult children reach important milestones sooner, such as buying a home, reducing debt, starting a family or investing in their future.
It can also allow parents to see the benefit of their support while they are still alive.
“There can be real joy in seeing your children benefit from your support during your lifetime,” Heath says.
“But it needs to be done with a clear understanding of what you can afford and how it fits within your broader financial plan.”
The timing of financial support can matter. A gift received earlier in life may have a greater practical impact than one received much later.
That said, early inheritance decisions should not be made in isolation. They can have tax, Centrelink, estate planning and family implications, particularly if large amounts are involved.
Fairness does not always mean equal
Many parents instinctively want to divide their estate equally between their children. In many cases, that may be the right approach. But equal treatment does not always lead to equal outcomes.
One child may have already received significant financial support. Another may have taken on caring responsibilities. A child may be facing financial hardship, disability, divorce, business pressures or the cost of raising a young family.
These circumstances can make inheritance decisions more complex.
“There is no single right answer when it comes to fairness,” Heath says.
“What matters is that parents think carefully about their reasoning and communicate clearly where appropriate.”
If parents decide to distribute assets unequally, transparency becomes especially important. Without explanation, even well-intentioned decisions can lead to misunderstanding or conflict.
In some cases, it may be appropriate to speak with children directly. In others, parents may prefer to document their reasoning carefully as part of their broader estate planning.
Protecting your own retirement first
Helping children financially can be deeply rewarding, but it should not come at the expense of your own security. Before making promises or transferring wealth, it is important to stress-test your retirement position. This includes considering:
- How long your retirement savings may need to last
- The impact of inflation over time
- Potential market downturns
- Future health and aged care costs
- Your desired lifestyle
- Emergency cash reserves
- Age Pension implications
Australians are living longer, and retirement plans may need to support several decades of income. A decision that feels manageable at the start of retirement may create pressure later if circumstances change.
“Parents can sometimes underestimate their own future needs,” Heath explains.
“Before gifting money or making commitments, it is important to be confident that your own retirement lifestyle remains sustainable.”
Centrelink rules also need to be considered. Assets given away above certain limits may still be assessed for Age Pension purposes for five years.
This means gifting, transferring assets, or selling assets for less than market value may affect Age Pension entitlements.
When your retirement needs to come first
Some parents may find that their retirement savings are needed to support their own lifestyle and future care. There is nothing wrong with that.
Being honest with adult children early can help avoid assumptions or unrealistic expectations.
Your children may not have an accurate understanding of your financial position. They may assume an inheritance will be larger than it is, or that support will be available when it may not be.
Having an open conversation can give everyone more clarity.
“It is not selfish to prioritise your own retirement security,” Heath says.
“In many cases, being upfront with your children is one of the most helpful things you can do, because it allows them to plan based on reality rather than assumption.”
An inheritance can be a welcome benefit, but it should not be something children rely on to fund their own financial future.
The role of communication
Inheritance conversations do not need to cover every detail immediately. For many families, a good starting point is simply explaining your broad intentions, values and priorities.
This might include:
- Whether you intend to provide financial support during your lifetime
- Whether your estate is likely to be divided equally
- Whether there are reasons for different treatment between children
- Who your key advisers are
- Where important documents are stored
- What matters most to you in how your estate is managed
Clear communication can reduce uncertainty and help prevent future disputes.
It can also give children an opportunity to ask questions, understand your thinking and prepare for their own financial future.
Planning with care
Inheritance planning is rarely just about money. It involves relationships, values, retirement security, tax considerations, estate planning and family expectations.
At Halpin Wealth, we work closely with clients to help them consider how wealth transfer fits within their broader financial plan. This often includes working alongside legal and accounting professionals to ensure the right structures are in place.
“The best inheritance plans are not created in a rush,” Heath says.
“They are considered, practical and aligned with the needs of both the parents and the next generation.”
Source: This article was originally published on Advisely with the title “How to build wealth without owning property” on 17 June 2026.
Managing inheritance expectations with your kids
At Halpin Wealth, we help clients navigate intergenerational wealth conversations with care, clarity and a focus on long-term outcomes.
If you are thinking about supporting your children financially, reviewing your estate planning arrangements or managing inheritance expectations within your family, our team is here to help. Contact us today.
This information provided in this article is general advice only and has been prepared without taking into account your own objectives, financial situation or needs. Before making a financial decision based on this advice, you must consider whether it is appropriate in light of your own needs, objectives, and financial circumstances, and where relevant, obtain personal financial, taxation or legal advice. Where a financial product has been mentioned, you should obtain and read a copy of the Product Disclosure Statement (PDS) prior to making any decisions about whether to acquire a product.