Wills & Estate Planning in Canterbury

Estate Planning and Wills in Canterbury

The threshold for Inheritance Tax (IHT) has risen in current years to £325,000 for people and – using 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 amount of property prices, even so, particularly within the South East, suggests IHT continues to be a concern for many homeowners. It can be consequently sensible to take some time to look at ahead of time the possible liability you could be leaving behind.

Prior to you appear to offset it, nonetheless, it can be crucial to establish what will accumulate as a possible liability. For most, the important contributor to their estate might be the value of their home and, even though this lies beneath the threshold, other elements can push an estate more than the limit. One example is, even though individuals ordinarily talk with the benefits of ISA investing – which shelters investors from capital gains and earnings tax – ISAs will not be sheltered from IHT.

The issue with IHT will not be only the truth it has to be paid, but also that it becomes due reasonably quickly – usually within six months . When your property and certain other volatile assets are involved, there is a provision that enables your beneficiaries to spend their liability through instalments while the home is sold. On the other hand, this means that, whilst waiting for that sale, other heirlooms could be compromised as, with no prudent planning, some may need to be sold to meet the bills.

Nevertheless, there is certainly action it is possible to take , specifically in case your liability is reasonably modest. Few people today realise that they’ve an annual exempted amount that they will present to somebody. At £3,000 per year, this could go some strategy to lowering the all round estate. Gifts for weddings, from parents, grandparents as well as good friends, are also exempt (topic to varying maximum amounts) and you’ll find other beneficial tools like loan trusts and discounted present schemes.

Because the Government appears to close potential tax loopholes it really is often worth acquiring advice on what can and cannot be performed to ease possible IHT burdens. Ultimately, it may aid your family members preserve a few of its most valued possessions, sentimental or otherwise.


It truly is understandable that lots of of us put off the process of producing a Will. It makes us think about our mortality and take into consideration issues which we hope will never occur. Having said that, devoid of a single, you might be surprised to discover how straightforward it truly is for the assets to be distributed in an undesirable way. The exact rules of distribution depend where inside the British Isles you live as some facts differ between Scotland, Ireland and England & Wales. However, if you usually are not married, by way of example, the law is united in saying your companion may possibly get nothing. Devoid of a marriage certificate, your children and parents will benefit instead.

Even though you are married, you will find many good reasons for generating a Will. First and foremost, it enables you to take positive decisions over who gets what – including close friends, friends’ children, charities and local societies who are entitled to nothing with out your say. You’ll be able to 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 enable 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 items ahead of time can assistance your peace of mind and ensure that all your loved ones and buddies are going to be looked after in exactly the way you want them to become.

To discuss your wills and estate planning requirements
contact us today on 01621 876030.

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