A recent national survey has revealed that approximately 1 in 4 Generation Y Australians are eagerly waiting on an inheritance to purchase a home.
The survey that asked 1000 people across Australia, found that over 26% of them were relying on a windfall to back them into a home purchase, thanks to the soaring house prices, particularly in capital cities.
Whilst these findings themselves are a worry, it also coincides with an increasing number of Australians who are in dispute with their brothers and sisters over an inheritance.
“We’ve certainly seen a rise in the numbers of people who are seeking legal intervention to resolve matters of who should get what in an estate, but it cannot be overstated that many of these claims that are commenced are legitimate.” McNamara & Associates’ Rebekah Sanfuentes said.
“In other words, the reasons behind a person’s decision to dispute the estate is substantiated by the type of evidence that the courts stringently require. Evidence of financial need can be aptly demonstrated by the fact that many people are struggling to meet their living costs from their income and, even if they have been able to enter the property market, the equity they have is minimal. Mortgage stress and rising household debt are factors which will often weigh in favour of an increased legacy to a disappointed beneficiary.”
“There is little doubt that the exponential increase in property prices may well be an influencing factor, small or otherwise, in people considering exercising their legal rights in this manner.”