Wills & Estate Planning in Great Dunmow

Estate Planning and Wills in Great Dunmow

The threshold for Inheritance Tax (IHT) has risen in current years to £325,000 for people and – using the choice 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 residence costs, even so, particularly inside the South East, implies IHT continues to be a concern for many homeowners. It can be for that reason sensible to take some time to look at ahead of time the possible liability you could possibly be leaving behind.

Ahead of you appear to offset it, nevertheless, it’s important to establish what will accumulate as a potential liability. For most, the important contributor to their estate are going to be the value of their household and, even when this lies under the threshold, other elements can push an estate more than the limit. For example, though folks usually speak of the positive aspects of ISA investing – which shelters investors from capital gains and earnings tax – ISAs are not sheltered from IHT.

The issue with IHT just isn’t only the reality it has to be paid, but also that it becomes due somewhat rapidly – generally within six months . When your house and certain other volatile assets are involved, there is a provision that allows your beneficiaries to pay their liability by way of instalments while the house is sold. Nevertheless, this implies that, while waiting for that sale, other heirlooms could be compromised as, without the need of prudent planning, some may have to be sold to meet the bills.

Nevertheless, there is action you are able to take , particularly in case your liability is relatively smaller. Couple of persons realise that they have an annual exempted quantity that they can gift to somebody. At £3,000 per year, this could go some solution to minimizing the all round estate. Gifts for weddings, from parents, grandparents and even close friends, are also exempt (subject to varying maximum amounts) and there are actually other helpful tools including loan trusts and discounted present schemes.

Because the Government looks to close possible tax loopholes it is generally worth obtaining assistance on what can and cannot be accomplished to ease possible IHT burdens. Ultimately, it might aid your household preserve a number of its most valued possessions, sentimental or otherwise.


It truly is understandable that countless of us put off the process of generating a Will. It makes us think about our mortality and take into consideration points which we hope will never ever happen. On the other hand, without the need of 1, you could be shocked to find out how simple it really is for the assets to become distributed in an undesirable way. The exact guidelines of distribution depend where in the British Isles you live as some information differ in between Scotland, Ireland and England & Wales. Even so, if you are certainly not married, as an example, the law is united in saying your partner may well get nothing. Without a marriage certificate, your children and parents will benefit instead.

Even if you are married, you can find quite a few good reasons for creating a Will. First and foremost, it permits you to take positive decisions more than who gets what – including close friends, friends’ children, charities and local societies who are entitled to nothing without the need of 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 help you plan to reduce your Inheritance Tax liabilities. In thinking like this, generating a Will can actually become a positive, rather than negative experience. Considering such things ahead of time can help your peace of mind and ensure that all your loved ones and mates will probably be looked after in exactly the way you want them to be.

To discuss your wills and estate planning requirements
call 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.

8 + 6 =



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.