Wills & Estate Planning in Great Leighs

Estate Planning and Wills in Great Leighs

The threshold for Inheritance Tax (IHT) has risen in recent years to £325,000 for people and – with all 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 house prices, having said that, particularly within the South East, indicates IHT is still a concern for a lot of home owners. It truly is hence sensible to take some time for you to look at in advance the prospective liability you could be leaving behind.

Before you appear to offset it, on the other hand, it is actually crucial to establish what will accumulate as a prospective liability. For most, the important contributor to their estate will be the value of their household and, even though this lies beneath the threshold, other components can push an estate more than the limit. For instance, even though men and women typically talk of your rewards of ISA investing – which shelters investors from capital gains and income tax – ISAs are not sheltered from IHT.

The issue with IHT is just not only the reality it has to be paid, but also that it becomes due fairly quickly – generally within six months . When your property and particular other volatile assets are involved, there is a provision that makes it possible for your beneficiaries to pay their liability through instalments whilst the dwelling is sold. Even so, this implies that, whilst waiting for that sale, other heirlooms might be compromised as, without having prudent planning, some may well need to be sold to meet the bills.

Nonetheless, there is action it is possible to take , specifically in case your liability is comparatively small. Couple of folks realise that they’ve an annual exempted quantity that they’re able to present to somebody. At £3,000 per year, this could go some approach to decreasing the overall estate. Gifts for weddings, from parents, grandparents and also friends, are also exempt (subject to varying maximum amounts) and there are actually other useful tools for instance loan trusts and discounted present schemes.

As the Government appears to close possible tax loopholes it really is often worth obtaining suggestions on what can and can’t be performed to ease possible IHT burdens. In the end, it may aid your household preserve a few of its most valued possessions, sentimental or otherwise.


It is understandable that lots of of us put off the activity of generating a Will. It makes us contemplate our mortality and contemplate things which we hope will never occur. Nevertheless, with out one particular, you could be shocked to discover how uncomplicated it really is for the assets to be distributed in an undesirable way. The precise guidelines of distribution depend exactly where inside the British Isles you live as some details differ involving Scotland, Ireland and England & Wales. Nonetheless, if you are certainly not married, for instance, the law is united in saying your partner may get nothing. Without having a marriage certificate, your children and parents will benefit instead.

Even though you are married, there are a lot of good reasons for producing a Will. First and foremost, it allows you to take positive decisions over who gets what – including good friends, friends’ children, charities and local societies who are entitled to nothing devoid of your say. You are 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 assist 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 support your peace of mind and ensure that all your family and good friends is going to be looked after in exactly the way you want them to be.

To discuss 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.

15 + 2 =



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.