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Remove items from your saved list<\/a> to add more.<\/p>\n AAA<\/p>\n With billions in assets set to pass between generations, our six-part series simplifies the daunting world of inheritance planning. See all stories.<\/a><\/p>\n If you\u2019re lucky, inheriting in midlife \u2013 perhaps from a beloved aunt or a grandparent \u2013 can make things simpler. But for Australians with both elderly parents and children to worry about, a windfall in middle age can feel stressful and complicated.<\/p>\n Should you use the wealth to pay down mortgage debt? Or would it be more prudent to put it aside for your kids\u2019 future education and housing expenses? What about providing for your parents in their old age?<\/p>\n \u201cChances are, the best strategy is a combination of those approaches,\u201d says Bold Wealth director Dylan Partiger-Green. \u201cBut finding the balance can be very difficult when you\u2019re emotionally invested.\u201d<\/p>\n He recommends members of the so-called \u201csandwich generation<\/a>\u201d seek tailored, professional advice to maximise the multi-generational impact of their inheritance. Meanwhile, here are some suggestions to help you prepare for a midlife windfall.<\/p>\n 1. Take stock, then prioritiseAnother perspective \u201cThe first thing you should do when you receive an inheritance is take a breath and allow the information to settle,\u201d Partiger-Green says.<\/p>\n \u201cThen, write down two or three things that are important to you in the next five years, two or three things that matter in the next 10 years, and two or three things that are important in the next 20 years.\u201d<\/p>\n For many midlife inheritors, supporting their parents if they enter aged care and seeing their children through university or training will feature on those lists. But those goals are not always the most pressing.<\/p>\n \u201cIdentify the thing that is financially pulling you down the most right now, and fix it,\u201d Partiger-Green says. That might mean paying down mortgage debt, forward-paying your children\u2019s school fees or employing help so your parents can remain in their home.<\/p>\n Prioritising doesn\u2019t mean disregarding the items on your 10-year and 20-year lists, Partiger-Green says. \u201cBut making changes that allow you to live a more comfortable life now can give you more freedom in the future.\u201d<\/p>\n For inheritors who are parents, the desire to be benevolent and put money aside for their children can be too strong to ignore.<\/p>\n 2. Consider your own needs<\/p>\n It\u2019s natural to want to help your parents and children over the long term but, once you\u2019ve addressed any pressing financial needs, you should think next about yourself, says White Rabbit Advisory founder Nicola Beswick.<\/p>\n \u201cOften, we find that clients in midlife have a belief that they\u2019ll be OK financially. It\u2019s not until we start questioning them about their expectations for retirement that they start to realise they might need more money than they thought.\u201d<\/p>\n Beswick advises midlife inheritors to get specific about what the rest of their lives might look like, modelling scenarios that consider not only potential longevity but also the possibility of illness or reduced mobility.<\/p>\n She acknowledges that for inheritors who are parents, the desire to be benevolent and put money aside for their children can be too strong to ignore.<\/p>\n \u201cWe encourage people who feel that way to compromise. Perhaps that means planning for a more modest lifestyle in retirement, but not ignoring your needs entirely.\u201d<\/p>\n Related Article Few of us will inherit such a large amount that we never have to think about money again, particularly if we have both parents and children to consider. But an inheritance doesn\u2019t have to be large to make a meaningful difference, Beswick says.<\/p>\n \u201cA high-quality education, including education in financial literacy, is a gift to children because it enables them to be independent. We find that when adult kids don\u2019t have financial literacy, that\u2019s where a lot of the pressure [on parents] to help comes from.\u201d<\/p>\n Kat Abrahams, director of Keystone Advisory & Tax, says clients who accept that they might not be able to \u201cwave a magic wand\u201d and fix everything for their parents and children are more likely to make decisions that benefit everyone.<\/p>\n \u201cWhat we tend to see is that they look to build their own wealth, in whatever form that might be, in the knowledge that doing so puts them in a better position to help others when it\u2019s needed.\u201d<\/p>\n Abrahams points out that life is uncertain, and says her clients rarely regret being conservative and realistic about what they can achieve for their families. \u201cWhen circumstances change, for better or worse, those clients tend to be better able to respond. Ultimately, that benefits everyone.\u201d<\/p>\n Advice given in this article is general in nature and is not intended to influence readers\u2019 decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.<\/p>\n Expert tips on how to save, invest and make the most of your money delivered to your inbox every Sunday. Sign up for our Real Money newsletter<\/a>.<\/p>\n This story was created in partnership with Vanguard. The content is independent of any influence by the commercial partner.<\/p>\n Save<\/p>\n You have reached your maximum number of saved items.<\/p>\n Remove items from your saved list<\/a> to add more.<\/p>\n![\"Trying](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/e4a8ac725677a3d060d19dc26d0c9d222b1633a1.jpeg\")
Trying to look after both your children and your ageing parents can be a difficult task.iStock<\/p>\n![\"If](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/2352dcd14b5d7938ed4953b68b97dd822f123fe0.jpeg\")
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Teaching your kids some money smarts could be invaluable.Aresna Villanueva<\/p>\n![\"Karina](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/5ec0fe53e4dfde8355fd524ffeb6d649414f93e2.jpeg\")
<\/a>3. Accept that you can\u2019t do it all<\/p>\n
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