Just as everyone is different, so are their reactions to inheriting. While people are most likely to feel grateful, they might also experience a whole range of other emotions including happiness, surprise, relief or disappointment.
While 76% of people are likely to feel grateful for their inheritance, this rises to 86% if you describe your family as happy or close3.
Size also matters, but maybe not in the way you might think.
35% of people feel happy about their inheritance and this rises to 52% if they inherit what they describe as a ‘large’ amount.3 Also, the larger the inheritance, the more likely you are to feel excited and relieved.
However, interestingly, the larger your inheritance the less likely you are to feel grateful. 78% of people feel grateful for a self-described ‘small’ inheritance and 75% for an ‘average’ inheritance, but this drops to 69% when a ‘large’ inheritance is at stake.3 Also, while the overall percentages are quite low, people who inherit a ‘large’ amount are around twice as likely to feel ambivalent or underwhelmed than those who receive a small amount.
The benefits of breaking your silence
Admittedly, talking about what happens after you die is uncomfortable, but it’s also important. And really, while it isn’t an easy conversation to start, talking about your legacy, will, or estate plan should be a conversation about love. A conversation about who and what is important to you.
As part of this conversation, you may consider introducing your children to your financial adviser. It can be valuable to involve your children in your estate plans as this can lead to greater certainty and comfort on a subject which is usually clouded by doubt, worry and angst. When parents discuss their intentions with their children, suddenly the percentage of people who think they will inherit jumps from 53% to 80%.3 That’s a lot more people that can plan their future with greater confidence.
There’s also another, perhaps unexpected, side effect of discussing your legacy with your children. It makes them more likely to seek advice and make or update a will themselves. While only 36% of Australians have discussed their will with their parents, this jumps to 55% for people who have a will of their own. A 20% difference3.
Learn more about how putting together the right plans and structures can look after your loved ones after you've gone.
