Monday, May 20, 2024

Two thirds of people in Ireland do not have a formal will

Must read

Two-thirds of people in Ireland do not have a formal will in place, new research shows.

The survey carried out by Capital Credit Union reveals that half of respondents said the idea of creating a will makes them “uncomfortable’.

This was listed as one of the main reasons why people haven’t taken steps to document their wishes for when they pass away.

For those who have prepared a will, almost 80% cited “family considerations” as the reason for taking action, while others said age was a driving factor.

“The fact that so many people do not have a documented plan in place when it comes to succession planning just highlights how low down in the priority list this is for people,” said Pat Byrne, Chief Executive Officer at Capital Credit Union.

“And it’s clear from the reasons given that for at least half of those without a will – it is actually on their to-do list, but they have never gotten around to doing it,” he added.

Meanwhile, 7% of those surveyed said creating a will is not something they have thought about.

“While it’s definitely not the most pleasant thing to have to think about, a will can really help your family and loved ones in the event of your passing – it acts as a legally binding roadmap for managing your affairs after your death, streamlining probate, and reducing estate taxes, benefiting your beneficiaries in the long run,” Mr Byrne said.

Latest article