What if $1 million fell into your lap? With trillions due to be transferred between generations over the next decade, a lot of Australians are in for a windfall.

Residential property will be the go-to for many, although low-cost index funds have revolutionised investing, especially among younger people. But there’s a world outside property and exchange-traded funds, so we asked 11 wealth managers, professional investors, property gurus and luxury aficionados what they would do with $1 million.