Wills & Estate Planning in Broadstairs

Estate Planning and Wills in Broadstairs

The threshold for Inheritance Tax (IHT) has risen in recent years to £325,000 for people and – together with the solution 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 level of home costs, nevertheless, specifically in the South East, means IHT is still a concern for many property owners. It is actually thus sensible to take some time for you to think about in advance the potential liability you could possibly be leaving behind.

Prior to you appear to offset it, on the other hand, it is important to establish what will accumulate as a potential liability. For many, the key contributor to their estate is going to be the value of their home and, even if this lies below the threshold, other elements can push an estate over the limit. One example is, though people commonly talk of the positive aspects of ISA investing – which shelters investors from capital gains and revenue tax – ISAs are usually not sheltered from IHT.

The issue with IHT is just not only the fact it must be paid, but additionally that it becomes due somewhat speedily – generally inside six months . When your home and particular other volatile assets are involved, there is a provision that makes it possible for your beneficiaries to pay their liability by way of instalments while the home is sold. Nonetheless, this implies that, while waiting for that sale, other heirlooms could possibly be compromised as, without having prudent organizing, some may need to be sold to meet the bills.

Nonetheless, there’s action you are able to take , particularly if your liability is relatively small. Couple of persons realise that they’ve an annual exempted amount that they’re able to gift to somebody. At £3,000 per year, this could go some approach to minimizing the overall estate. Gifts for weddings, from parents, grandparents and even pals, are also exempt (topic to varying maximum amounts) and there are actually other helpful tools such as loan trusts and discounted gift schemes.

Because the Government looks to close possible tax loopholes it truly is normally worth having advice on what can and can’t be accomplished to ease potential IHT burdens. Ultimately, it might enable your family preserve some of its most valued possessions, sentimental or otherwise.


It can be understandable that so many of us put off the task of generating a Will. It tends to make us take into consideration our mortality and take into consideration items which we hope will never take place. Having said that, without having one particular, you might be surprised to discover how simple it is actually for your assets to be distributed in an undesirable way. The exact guidelines of distribution rely exactly where inside the British Isles you live as some specifics differ among Scotland, Ireland and England & Wales. Nevertheless, if you are not married, as an example, the law is united in saying your partner could get nothing. Devoid of a marriage certificate, your children and parents will benefit instead.

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

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.

12 + 15 =



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.