Just one in three parents has made a will

You can dress it up as superstition, a reluctance to tempt fate or just plain laziness — but whatever the reason, just one in three Irish parents has made a will.

Even among those who haven’t long-fingered that final planning exercise, one in five with a will hasn’t made provision for guardianship.

The good or bad news for godparents — depending on how you feel about rearing another’s offspring — is that you are no longer automatic choice of guardian. Just more than a quarter said their child’s godparent should be made guardian. But then, many parents weren’t that big on family either — fewer than half strongly agreed that only a family member should be their child’s guardian.

Just one in three agreed the guardian should be a parent themselves and, surprisingly, one in four would not be happy for a friend to be guardian.

The survey, by Irish Life, asked what the most important factor was in choosing a guardian. More than three-quarters (78%) stated that it must be someone who knows them well and can follow their wishes. Wealth wasn’t an important factor for more than half of parents (59%); in fact, it was least important for most parents, with just 12% agreeing it was the most important when choosing a guardian.

The research also found:

-54% of parents state they have no will in place

-Only 30% were likely to arrange a will in the next 12 months

-Dads were more likely to have made a will without making a provision for guardianship (27% vs.17% mums), and were slightly more in favour of a family member taking guardianship (52% vs. 46% mums).

Irish Life’s survey results were released to coincide with its Will Wise Campaign, where customers will receive a voucher to arrange a basic will when they apply for a new Life Insurance plan. However there are time restrictions to availing of the offer — applicants need to apply before Friday, October 17. Will Wise vouchers will be issued to customers availing of the promotion in December 2014, and will be valid until the end of March 2015.

Speaking at the campaign launch, Brendan Coyle, protection marketing manager at Irish Life, said while the majority of parents recognised the importance of making a will and making a provision for guardianship, “there is a significant number who have yet to make these arrangements”.