Wednesday 24 January 2018

Litigation risk for next-of-kin as 70pc adults say they don't have a will

Charlie Weston Personal Finance Editor

SEVEN out of 10 adults do not have a will, leaving their next of kin exposed to litigation if there is a row about their homes and assets after death.

When it comes to parents, half have not made a will, the research seen exclusively by the Irish Independent shows.

Large numbers of people believe they are too young to bother with a will, while others feel they do not need to make a will, the survey commissioned by Irish Life reveals.

The 1,000 adults surveyed by iReach said that they would be encouraged to make a will if they had access to a guide, and could get a discount from a solicitor and help from a financial adviser.

Irish Life marketing manager, Karl Symes, said: "No one likes to think about what happens when they die but making a will makes financial sense.

"If we don't make a will, our families could suffer as the law can decide who gets what."

Family solicitor John O'Connor of JB O'Connor Solicitor, in Mount Street, in Dublin, said having a will could mean it was a lot less expensive to settle matters after someone died.

Having a will also means it is easier to avoid having to make large inheritance tax payments to the Revenue, as drawing up a will with expert advice may allow the beneficiaries to take advantage of generous tax reliefs and allowances.

Mr O'Connor said it costs from €100 plus VAT at 21pc to make a will, with complicated wills that involve a trust fund costing up to €1,000 plus VAT.

He urged those who had a will to update it, particularly as children grew older.

Irish Life has produce a free guide to making a will that can be downloaded at www.irishlife.ie

Irish Independent

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