Many estate lawyers in Melbourne are going to be busy with the rising of property prices in Australia, creating an unforeseen consequence to unprepared families who are actually wealthy but may not have realised it just yet.
Every couple dream of a time when they will have children and as their family grows, so will come the need for obtaining a bigger home for live in. These families, the parents in particular, then proceed to purchase a home around $1 million to a $1.5 million. They would need to have obtained this property through a loan and also proceed to cover this loan with a life insurance policy. They may not realise it, but in the event of death, the children become beneficiaries to the covered life insurance policy and that could go around $1 million, depending on the policy, to be divided by the children, their dependents.
This is becoming a common scenario for young families with real estate properties. The value of their home and the life insurance policy that they have increases, yet they may not have thought about what would become of this money after their death.
Estate lawyers in Melbourne or in other states of Australia would advise that even if someone has a will to be honoured in case of death, it is also worth noting in the will who they do not want to include in the inheritance. It is not a guarantee to will the funds to a friend, a brother, a sister, or a relative especially if there are dependents involved. But if there are individuals that they want to leave out, they may end up with someone challenging the will. So the best option would be to give the people they want to leave out something separate and provide a valid explanation to those individuals.
Many families in this situation, who have loaned for their real estate property, with life insurance policies, and even those who do not own a house, but has worked for a long time would accumulate a large sum in life insurance. Then the children, the dependents of the deceased, would come to find themselves inheriting a large amount of money.