Over 70 per cent of Irish people have no will

Over 70 per cent of people in Ireland have no will, according to a new study by mutual life insurance and pensions company Royal London Ireland.

Only 28 per cent of respondents said they had a will, while 72 per cent did not - half of whom said it was something they were “meaning to sort out”, and half of whom said they had no plans to put one in place.

Among over-55s, 64 per cent said they had a will, 27 per cent said they were meaning to put one in place, and 9 per cent had no plans to. However, among 18-34-year-olds, only 8 per cent had a will, 25 per cent meant to put one in place, and 67 per cent had no plans to.

Joe Charles, head of proposition at Royal London Ireland, said: “As a nation, it would appear that we are not great at planning for the future. Pension, wills – anything that seems to be particularly long-term in nature – is, based on our research, often avoided and ignored by a large portion of Ireland’s population.

“This is understandable considering wills and the like are not the most pleasant of topics. However, the absence of estate planning in families can often be the source of confusion and anxiety for those left behind.”

The survey also asked people who they believed was in charge of sorting out their estate. More than half (53 per cent) said their next of kin, 32 per cent had yet to choose someone, 13 per cent said a solicitor, and 2 per cent said the Courts Service of Ireland.

Mr Charles said: “What’s interesting to note here is that 32 per cent of adults are undecided as to who would look after their estate. None of us know what the future holds and while it’s not a topic many like to think about too often, giving careful consideration to what you want to happen to your estate after you die is worthwhile. Probate can be a drawn-out process but there are things you can do now to help in the future. For example, your financial broker can help you set-up your life assurance policies in the most suitable way for you and your family.”

Royal London Ireland commissioned the 1,000-person survey as part of its investigation into the probate process in Ireland, which will conclude with a comprehensive report on the subject.