Wills & Estate Planning in Eye

Estate Planning and Wills in Eye

The threshold for Inheritance Tax (IHT) has risen in recent years to £325,000 for individuals 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 level of home rates, nonetheless, especially in the South East, indicates IHT is still a concern for a lot of property owners. It is as a result sensible to take some time for you to consider in advance the potential liability you could be leaving behind.

Before you appear to offset it, having said that, it is actually important to establish what will accumulate as a possible liability. For most, the crucial contributor to their estate is going to be the value of their house and, even though this lies beneath the threshold, other elements can push an estate over the limit. By way of example, despite the fact that persons normally speak with the added benefits of ISA investing – which shelters investors from capital gains and revenue tax – ISAs will not be sheltered from IHT.

The problem with IHT is not only the truth it has to be paid, but in addition that it becomes due fairly speedily – commonly within six months . When your property and certain other volatile assets are involved, there’s a provision that makes it possible for your beneficiaries to spend their liability via instalments whilst the house is sold. On the other hand, this means that, while waiting for that sale, other heirlooms may be compromised as, without prudent organizing, some could possibly have to be sold to meet the bills.

Nonetheless, there is certainly action it is possible to take , specifically if your liability is somewhat little. Couple of people realise that they’ve an annual exempted amount that they’re able to present to an individual. At £3,000 per year, this could go some technique to lowering the all round estate. Gifts for weddings, from parents, grandparents and also friends, are also exempt (topic to varying maximum amounts) and you’ll find other helpful tools like loan trusts and discounted gift schemes.

As the Government looks to close potential tax loopholes it truly is always worth receiving assistance on what can and cannot be done to ease prospective IHT burdens. In the end, it may assistance your family members preserve a number of its most valued possessions, sentimental or otherwise.


It is actually understandable that lots of of us put off the task of making a Will. It tends to make us think of our mortality and consider points which we hope will never occur. On the other hand, without one particular, you could be shocked to discover how effortless it really is for your assets to become distributed in an undesirable way. The precise guidelines of distribution depend where inside the British Isles you reside as some information differ among Scotland, Ireland and England & Wales. Nevertheless, if you are usually not married, for instance, the law is united in saying your companion could get nothing. Devoid of a marriage certificate, your children and parents will benefit instead.

Even if you are married, you will discover many good reasons for making a Will. First and foremost, it permits you to take positive decisions over who gets what – including pals, friends’ children, charities and local societies who are entitled to nothing without having 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, in case your estate is greater than £325,000 (£650,000 for married couples), a Will can aid 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 points in advance can enable your peace of mind and ensure that all your family members and pals are 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.

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.

7 + 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.