A LACK OF WILLS; 72% of people have not sorted their estates.
Byline: BRYNMOR PATTISON
MORE than 70% of Irish people don't have a will and half of that number do not plan to make one, a survey revealed yesterday.
A further 36% of respondents told pollsters they were delaying sorting out their affairs . And 29% believe starting a family would be the perfect time to create a will.
Some 36% of over-55s have not made a will either but most are planning to write one up.
Joe Charles, of Royal London which commissioned the survey, said: "Older respondents are the ones most organised when it comes to estate planning, with 64% of respondents over 55 already having a will, compared with only 8% of young adults.
"One in five say they don't really think about such matters, which is actually a significant number of people considering the gravity of the topic.
"Based on our research, pension, wills - anything that seems to be particularly long-term in nature - is often avoided and ignored.
This is understandable as it's not the most pleasant of topics.
"However, the absence of estate planning can often be the source of confusion and anxiety for those left behind."
Royal London undertook the nationwide research as part of its investigation into the probate process in Ireland.
Probate is the process which legally authorises someone to deal with a deceased person's will and estate.
Mr Charles added: "Our own experience in delays in settling customer claims is the probate process is at best protracted, and at worst broken.
"Delays can be a source of mental and financial anguish for families. For example, our analysis of claims last year found the average time to get probate was 16 months.
"However, once the grant of probate has been received by us, it then takes just five days, on average, to pay the life assurance claim.
"Probate can be a drawn out process but there are things you can do now to help in the future."
36% of respondents have no intention of making a will 8% of young adults have already sorted out their affairs
PLANNING Older people more likely to sort wills
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|Publication:||The Mirror (London, England)|
|Date:||Sep 18, 2017|
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