A properly prepared will can save substantial sums in inheritance tax. But there are plenty of other reasons for making a will.
For one thing, if you have young children, it is important that you appoint guardians to look after them in the event that you die when no-one else has parental responsibility for them.
In addition, a will can ensure that your surviving dependants are properly taken care of. This is particularly important for cohabiting couples: at the moment a surviving partner has no automatic entitlement to anything. Likewise, if you have a young family or grandchildren you may want to put money aside for when they grow up.
A will is also the best way of avoiding disagreements among your surviving relatives about what should happen to your estate. For example, if you own a business, or have most of your money tied up in a single property, it is important that you make clear what you want to happen on your death.
Even if you have no dependants, a will allows you to use the wealth that you have built up over a lifetime in the way that you decide: for example, in supporting an existing charity or even setting up a new one.
The most important part of any will are the decisions that you make about what you want to achieve. At Mayfield Bell we can talk these decisions through with you and find the means to put them into practice.