Home > Financial > 66% of Irish adult population do not have a will

66% of Irish adult population do not have a will

Written by Robert McHugh, on 13th Mar 2017. Posted in Financial

article headline

Only a third of Irish people have made a will and while the percentage of people with a will climbs as they get older, just over half the adult population aged between 45 and 64 have one.
 
This is according to a survey published in conjunction with the Best Will in the World Week. While  80% of people over 65 do make a will,  the younger generation are more likely to put it off with 42% of those between 45 and 64 having a will and a mere 30% of the under 45s.

This statistic was discussed last week at a breakfast seminar organised by Shannon Chamber in conjunction with Holmes O’Malley Sexton (HOMS) solicitors. The focus on a non-business topic was an unusual departure for Shannon Chamber and was the first in a series of three events themed succession planning which the Chamber is hosting. It drew an attentive audience of business executives who were keen to understand the elements  of making a will.
 
Head of probate with HOMS, Kevin Doughan said, "Wills are a must for anyone who has children, property, savings or assets and, should a person die intestate, the deceased’s estate automatically goes to next of kin with specific provision for different family situations such as marital, non-marital and adopted children, or, in the case of step or foster children who have no automatic rights, provision can be made for such children only when there is a will in place."

He added, "Will-making may seem complex but is very easily managed and once there is a will in place, there is certainty for the future, Wills can be changed periodically to take account of changing circumstances, so that’s why we encourage everyone with something to bequeath to make a will as making one can ensure tax efficiency and the avoidance of post-humous family disputes."

Source: www.businessworld.ie

More articles from Financial

image Description

Master International Business Transactions with These Top Payment Systems!

Read more
image Description

Ireland was fastest growing economy in Europe in 2022

Read more
image Description

Irish budget position was strongest in euro area

Read more
image Description

6 in 10 Irish consumers have no extra money left at the end of the month

Read more
image Description

Inflation is the number one concern amongst Irish consumers

Read more