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'Inheritance impatience'
1. ‘Inheritance impatience’
The sanitised phrase ‘inheritance impatience’ refers to an attitude that
an older relative has ‘had their time’. This can be especially strong if one
parent has died.
Patterson emphasised that this can be very bad in rural areas.
“I met a woman in Western Australia who had a terrible time and had to
fight her son to get the right to keep the farm after her husband died,”
she said.
2. The son said he was going to take over the farm, but the woman
argued she had every right to run it, as she did all the books and knew
how the business ran. She won and worked the farm for another 12
years.
“Financial advisers in rural areas will need to stand by some of their
clients who’ve got the capacity to keep managing their farm or
managing their business when their son or daughter thinks it’s time ‘I
had it’. It happens with houses. It happens with farms,” Patterson said.
“I think rural financial advisers are going to be exposed to abuse that’s
very different from the city, and they should be very alert to it and
responsive to their client.”