Wills & Estate Planning in Holland-on-Sea

Estate Planning and Wills in Holland-on-Sea

The threshold for Inheritance Tax (IHT) has risen in current years to £325,000 for individuals and – together with 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 amount of residence costs, on the other hand, particularly within the South East, means IHT is still a concern for many property owners. It really is for that reason sensible to take some time for you to take into account in advance the prospective liability you could be leaving behind.

Prior to you appear to offset it, having said that, it is crucial to establish what will accumulate as a possible liability. For most, the important contributor to their estate will probably be the worth of their house and, even though this lies beneath the threshold, other elements can push an estate more than the limit. As an example, though folks ordinarily talk from the added benefits of ISA investing – which shelters investors from capital gains and income tax – ISAs are usually not sheltered from IHT.

The problem with IHT isn’t only the reality it has to be paid, but additionally that it becomes due comparatively speedily – frequently inside six months . When your house and particular other volatile assets are involved, there’s a provision that makes it possible for your beneficiaries to spend their liability via instalments while the property is sold. Nonetheless, this implies that, while waiting for that sale, other heirlooms might be compromised as, without prudent preparing, some may have to be sold to meet the bills.

Nevertheless, there’s action you may take , particularly in case your liability is fairly tiny. Couple of folks realise that they have an annual exempted quantity that they’re able to 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 also mates, are also exempt (subject to varying maximum amounts) and you can find other valuable tools for example loan trusts and discounted gift schemes.

Because the Government looks to close possible tax loopholes it is actually always worth acquiring suggestions on what can and cannot be completed to ease possible IHT burdens. In the end, it may assist your family preserve a few of its most valued possessions, sentimental or otherwise.


It can be understandable that numerous of us put off the job of making a Will. It makes us think about our mortality and think about factors which we hope will never ever come about. On the other hand, without having 1, you might be surprised to find out how quick it really is for the assets to become distributed in an undesirable way. The precise rules of distribution depend exactly where within the British Isles you reside as some particulars differ among Scotland, Ireland and England & Wales. Even so, if you will not be married, for example, the law is united in saying your partner may get nothing. With no a marriage certificate, your children and parents will benefit instead.

Even though you are married, you will find several good reasons for making a Will. First and foremost, it enables you to take positive decisions over who gets what – including close friends, friends’ children, charities and local societies who are entitled to nothing without your say. You can 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 assistance 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 in advance can help your peace of mind and ensure that all your loved ones and pals will probably be looked after in exactly the way you want them to be.

To talk about your wills and estate planning requirements
contact 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.

8 + 4 =



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.