A will is probably one of the cheapest legal documents you will ever have drawn up - and one of the most important, writes Ciarán Brennan.

More than half of Irish consumers have not made a will, according to a survey released by the Irish Banking Federation (IBF) this week.

Of those who have not yet made a will, more than 70 per cent do not intend to do so in the next 12 months.

Individuals who do not see the need for a will yet were likely to be male, earning between €25,000 and €40,000 and from a farming background, according the IBF's research.

The survey found an element of complacency among those who have not yet made a will. Forty per cent did not see the need for one yet, while 30 per cent considered themselves too young to make a will.

About 16 per cent said they did not need to make a will as their assets would go automatically to their next of kin, while a similar number said they had never considered one. Just 3 per cent cited a lack of available advice.

IBF chief executive Pat Farrell describes many of these reasons as "misguided" and says economic and social transformation of Ireland over the past 20 years has made making a will much more important than in the past.

"The reasons for not making a will are not valid. Irish society has transformed in the past 10-20 years on a number of levels. We have accumulated assets on a scale no previous generations have enjoyed."

While salaries and bonuses have risen sharply, the massive rise in property values means ordinary householders' assets are at an all-time high, he says.

"The level of embedded wealth in this country is at an all-time high and this generation will pass on a level of wealth that would be unprecedented. Families can find themselves in the millionaire bracket when the value of their houses or property is taken into the equation."

There has also been huge social change with the advent of divorce, separation and cohabitation, he says.

Being separated does not mean that your spouse automatically loses the legal right to a share of your estate, according to the Law Society. In the case of unmarried couples, the partner will have no succession rights and will therefore be limited to whatever rights s/he may establish in contract or where s/he is entitled under your will.

"This means the disposal of assets is now much more complex than would have been in the past," says Farrell. "It ill-behoves anyone not to draw up a plan for the orderly disposal of their assets."

Valerie Carroll, a barrister with Fermoy-based Anthony Carroll and Co, which runs the wills.ie website, says a will is essential to avoid unnecessary expense and distress.

While a will is important to ensure that your estate is managed as you would wish, it also ensures that it is managed in a cost- and time-efficient manner, she says.

Making a will allows you to avail of tax-planning opportunities to reduce the tax liability on your estate; while for business owners, it allows them to safeguard their business assets.

If you do not make a will, the law will make certain assumptions in favour of a spouse and children or otherwise more distant relations, she says.

A standard will should cost no more than €100-€200 plus VAT, according to Carroll, who rarely charges more than €500 even for a will with tax-planning provisions. However, this could vary largely in bigger urban areas.

She advises people to revisit their will as their family grows and gets older. "You should think about reviewing your will every few years, or sooner if your circumstances change."