Wills & Estate Planning in Harlow

Estate Planning and Wills in Harlow

The threshold for Inheritance Tax (IHT) has risen in recent years to £325,000 for individuals and – together with 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 degree of house costs, having said that, especially in the South East, suggests IHT continues to be a concern for a lot of property owners. It is actually consequently sensible to take some time to contemplate ahead of time the possible liability you could possibly be leaving behind.

Ahead of you appear to offset it, however, it truly is crucial to establish what will accumulate as a possible liability. For most, the essential contributor to their estate might be the value of their home and, even when this lies beneath the threshold, other components can push an estate over the limit. For instance, although persons normally talk with the benefits of ISA investing – which shelters investors from capital gains and earnings tax – ISAs are usually not sheltered from IHT.

The issue with IHT is just not only the truth it has to be paid, but in addition that it becomes due reasonably promptly – usually within six months . When your property and certain other volatile assets are involved, there is a provision that allows your beneficiaries to spend their liability via instalments while the property is sold. Nevertheless, this means that, whilst waiting for that sale, other heirlooms may be compromised as, with no prudent organizing, some may well have to be sold to meet the bills.

Nevertheless, there is action it is possible to take , particularly in case your liability is fairly small. Few people realise that they have an annual exempted quantity that they’re able to gift to someone. At £3,000 per year, this could go some way to lowering the general estate. Gifts for weddings, from parents, grandparents and also friends, are also exempt (topic to varying maximum amounts) and you will discover other beneficial tools for instance loan trusts and discounted gift schemes.

As the Government appears to close prospective tax loopholes it’s constantly worth acquiring advice on what can and cannot be performed to ease potential IHT burdens. In the end, it may assistance your household preserve a few of its most valued possessions, sentimental or otherwise.


It’s understandable that a great number of of us place off the activity of making a Will. It tends to make us take into consideration our mortality and consider factors which we hope will in no way happen. However, with out one, you might be surprised to discover how simple it is for your assets to become distributed in an undesirable way. The exact guidelines of distribution depend exactly where within the British Isles you live as some particulars differ between Scotland, Ireland and England & Wales. On the other hand, if you usually are not married, as an example, the law is united in saying your partner might get nothing. Devoid of a marriage certificate, your children and parents will benefit instead.

Even when you are married, you will find several good reasons for creating a Will. First and foremost, it permits you to take positive decisions over who gets what – including good friends, friends’ children, charities and local societies who are entitled to nothing without 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 support 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 items ahead of time can aid your peace of mind and ensure that all your family and mates might be looked after in exactly the way you want them to become.

To talk about your wills and estate planning requirements
give us a 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.

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.