Wills & Estate Planning in Braintree

Estate Planning and Wills in Braintree

The threshold for Inheritance Tax (IHT) has risen in current years to £325,000 for people and – with all the option now to transfer any unused threshold to a spouse or civil partner – a total of £650,000 for legally joined couples (for the tax year 2012/13) . The relative degree of home costs, on the other hand, particularly inside the South East, implies IHT is still a concern for many home owners. It really is therefore sensible to take some time to take into consideration ahead of time the potential liability you might be leaving behind.

Prior to you look to offset it, however, it is actually vital to establish what will accumulate as a prospective liability. For most, the essential contributor to their estate is going to be the worth of their property and, even though this lies beneath the threshold, other elements can push an estate over the limit. For example, even though persons commonly talk of your advantages of ISA investing – which shelters investors from capital gains and income tax – ISAs are usually not sheltered from IHT.

The problem with IHT is not only the truth it must be paid, but additionally that it becomes due reasonably rapidly – generally inside six months . When your home and specific other volatile assets are involved, there’s a provision that enables your beneficiaries to spend their liability by way of instalments while the dwelling is sold. Having said that, this implies that, whilst waiting for that sale, other heirlooms could possibly be compromised as, with no prudent preparing, some may possibly need to be sold to meet the bills.

Nevertheless, there is action it is possible to take , particularly if your liability is fairly modest. Handful of folks realise that they have an annual exempted amount that they’re able to present to somebody. At £3,000 per year, this could go some strategy to minimizing the overall estate. Gifts for weddings, from parents, grandparents and even mates, are also exempt (subject to varying maximum amounts) and you can find other helpful tools such as loan trusts and discounted present schemes.

As the Government appears to close prospective tax loopholes it truly is normally worth obtaining tips on what can and can’t be accomplished to ease potential IHT burdens. In the end, it might aid your family members preserve a number of its most valued possessions, sentimental or otherwise.


It really is understandable that lots of of us place off the process of producing a Will. It tends to make us take into consideration our mortality and consider things which we hope will in no way happen. Even so, without 1, you could be surprised to find out how effortless it’s for the assets to become distributed in an undesirable way. The precise rules of distribution depend exactly where inside the British Isles you live as some facts differ involving Scotland, Ireland and England & Wales. Nevertheless, if you usually are not married, for instance, the law is united in saying your companion may get nothing. Devoid of a marriage certificate, your children and parents will benefit instead.

Even if you are married, you will discover lots of good reasons for producing a Will. First and foremost, it enables you to take positive decisions over who gets what – including pals, friends’ children, charities and local societies who are entitled to nothing without the need of your say. You could also decide if ex-partners – or perhaps more importantly, ex-partner’s children – should be helped out. And, in case your estate is greater than £325,000 (£650,000 for married couples), a Will can enable you plan to reduce your Inheritance Tax liabilities. In thinking like this, making a Will can actually become a positive, rather than negative experience. Considering such items ahead of time can assist your peace of mind and ensure that all your household and pals is going to be looked after in exactly the way you want them to become.

To talk about your wills and estate planning requirements
call us today on 01621 876030.

Hoskin Mortgages
Hoskin Commercial
Hoskin Insurance
Hoskin Life
Hoskin Unsecured Loans
Hoskin Golf
Hoskin Estate Planning
Hoskin Suffolk

01621 876030

Mon to Fri - 9am to 5pm

Head Office

Hillcrest House 4 Market Hill,
Maldon, Essex CM9 4PZ

Get In Touch

One of our friendly team will contact you at the earliest opportunity. Usually within 24 hours.

5 + 2 =



Copyright © 2012 - 2019 Hoskin Financial Planning – Financial Advisers – Maldon, Essex, England
Hoskin Financial Planning Ltd is registered in England & Wales number 8759448.
Hoskin Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority number 613005.
The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. Your home may be repossessed if you do not keep up repayments on your mortgage.