Wills & Estate Planning in Christchurch

Estate Planning and Wills in Christchurch

The threshold for Inheritance Tax (IHT) has risen in current years to £325,000 for people and – with all 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 degree of property prices, on the other hand, particularly in the South East, implies IHT continues to be a concern for a lot of property owners. It’s for that reason sensible to take some time to think about ahead of time the prospective liability you could possibly be leaving behind.

Ahead of you look to offset it, having said that, it’s vital to establish what will accumulate as a prospective liability. For many, the important contributor to their estate will likely be the value of their household and, even when this lies under the threshold, other components can push an estate over the limit. One example is, even though individuals normally talk in the advantages of ISA investing – which shelters investors from capital gains and revenue tax – ISAs aren’t sheltered from IHT.

The issue with IHT is just not only the fact it must be paid, but additionally that it becomes due reasonably promptly – frequently within six months . When your house 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 whilst the home is sold. However, this implies that, whilst waiting for that sale, other heirlooms might be compromised as, without the need of prudent preparing, some may possibly need to be sold to meet the bills.

Nonetheless, there is action you’ll be able to take , especially in case your liability is somewhat compact. Few persons realise that they’ve an annual exempted quantity that they’re able to gift to someone. At £3,000 per year, this could go some method to reducing the all round estate. Gifts for weddings, from parents, grandparents and in some cases good friends, are also exempt (topic to varying maximum amounts) and you will find other useful tools such as loan trusts and discounted gift schemes.

Because the Government looks to close prospective tax loopholes it’s often worth getting advice on what can and cannot be accomplished to ease potential IHT burdens. In the end, it might assist your household preserve a number of its most valued possessions, sentimental or otherwise.


It can be understandable that numerous of us place off the process of making a Will. It tends to make us contemplate our mortality and contemplate issues which we hope will under no circumstances take place. On the other hand, without the need of one, you might be shocked to discover how quick it really is for your assets to become distributed in an undesirable way. The exact rules of distribution depend exactly where in the British Isles you reside as some information differ between Scotland, Ireland and England & Wales. On the other hand, if you are not married, for example, the law is united in saying your companion could get nothing. With no a marriage certificate, your children and parents will benefit instead.

Even though you are married, you can find lots of good reasons for making a Will. First and foremost, it enables you to take positive decisions more than who gets what – including buddies, friends’ children, charities and local societies who are entitled to nothing without having your say. You may 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 assistance you plan to reduce your Inheritance Tax liabilities. In thinking like this, producing a Will can actually become a positive, rather than negative experience. Considering such issues in advance can enable your peace of mind and ensure that all your family and mates is going to 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.

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