The Capital Credit Union (CCU) has released the results of its member survey, which showed 66.4% of the 4,019 responses did not have a formal will (one which has been formally witnessed and legally valid) in place.
Of the 4,019 member responses, only 32% had a formal will in place, according to the CCU survey results.
Family considerations found to be the biggest factor to influence a member to create a will, with a result of 29.7%. The next factor that influenced a person was their age (12.1%).
The 32% of members who had a will made, 14.9% had not updated it in over five years, while 9.1% updated it within the last three years.
The CCU survey showed that 34.8% of the responses do plan on making one, but they just have not got around to doing it. However, 17.1% believe it is something to think about later in life and not at their current age.
A small portion of the responses main reason for not having one, is because that subject matter makes them “uncomfortable”.
Over 60% of the respondents were female, with nearly 23% being in the age bracket of 45-54. Young people from ages 18-24 had the least percentage of participation throughout the survey.
Importance of a will in agriculture
Earlier this year, the Irish Farm Report (IFAC) 2024 found that one in two farmers did not have a will made, while 48% of farmers did not have a successor identified.
The report outlined the consequences of not making a will and that if a farmer dies without making one, the estate will be distributed according to the rules of intestacy, which may not reflect the farmer’s wishes.
Legal counsel, Caitriona Leahy said:
“For farmers, the importance of having a well-thought out will cannot be overstated. By making one, farmers can choose who will deal with their affairs on death.”
IFAC stated that it is “imperative” that farmers consult their solicitor about making a will to ensure that it is “valid and clear” and reflects their wishes and requirements.
It is also “important” for farmers to review their will with their solicitor and tax adviser at least every three to four years to ensure it is up to date.