TWO out of every three adults do not have a last will and a testament, according to the presentation given by a leading Limerick law firm recently.
Kevin Doughan, a qualified estate and trust practitioner and head of probate at Holmes O’Malley Sexton (HOMS) solicitors told a recent business breakfast meeting that he was alarmed to discover that 66 per cent of Ireland’s adult population have not made a will.
Delving deeper into the figures, the findings reveal that 80 per cent of people over 65 do make a will while the younger generation are more likely to put it off with 42 per cent of those between 45 and 64 having a will and a mere 30 per cent of the under 45s.
Hosted by Shannon Chamber, the non-business topic was covered in the first of three talks on succession planning
Mr Doughan said that regularly reviewing wills made creates certainty about who is getting what and allows people to appoint their chosen executors and trustees. It also allows testamentary guardians to be appointed to take care of children and ensures that adequate financial provision can be made for dependents, as well as enabling discretionary trusts to be set up for children with particular needs.”
“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.” added Mr Doughan.
Helen Downes, Shannon Chamber CEO said that they have had a great reaction to the series and that continues on Friday March 24 next which will deal with inheritance tax.
