Wills & Estate Planning in Ingatestone

Estate Planning and Wills in Ingatestone

The threshold for Inheritance Tax (IHT) has risen in recent years to £325,000 for individuals and – 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 degree of home prices, having said that, especially in the South East, suggests IHT is still a concern for a lot of homeowners. It can be thus sensible to take some time to contemplate ahead of time the possible liability you could be leaving behind.

Just before you look to offset it, even so, it is actually important to establish what will accumulate as a potential liability. For many, the crucial contributor to their estate will likely be the worth of their home and, even if this lies below the threshold, other components can push an estate more than the limit. By way of example, while people today commonly speak with the added benefits of ISA investing – which shelters investors from capital gains and revenue tax – ISAs are not sheltered from IHT.

The issue with IHT isn’t only the reality it must be paid, but additionally that it becomes due somewhat swiftly – frequently within six months . When your property and specific other volatile assets are involved, there’s a provision that allows your beneficiaries to pay their liability by means of instalments whilst the household is sold. Nonetheless, this implies that, whilst waiting for that sale, other heirlooms might be compromised as, without the need of prudent organizing, some might need to be sold to meet the bills.

Nevertheless, there is action you can take , especially if your liability is comparatively small. Few folks realise that they have an annual exempted amount that they are able to gift to an individual. At £3,000 per year, this could go some method to decreasing the overall estate. Gifts for weddings, from parents, grandparents as well as mates, are also exempt (topic to varying maximum amounts) and you’ll find other helpful tools including loan trusts and discounted gift schemes.

As the Government looks to close possible tax loopholes it is always worth getting guidance on what can and can’t be completed to ease possible IHT burdens. In the end, it may help your loved ones preserve a number of its most valued possessions, sentimental or otherwise.


It is actually understandable that a great number of of us put off the process of generating a Will. It tends to make us take into consideration our mortality and look at factors which we hope will in no way take place. On the other hand, without the need of 1, you could be surprised to find out how uncomplicated it really is for the assets to be distributed in an undesirable way. The exact guidelines of distribution depend exactly where within the British Isles you live as some details differ among Scotland, Ireland and England & Wales. Even so, if you are usually not married, for instance, the law is united in saying your companion could get nothing. With out a marriage certificate, your children and parents will benefit instead.

Even though you are married, you will discover lots 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 with out 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 enable you plan to reduce your Inheritance Tax liabilities. In thinking like this, making a Will can actually become a positive, rather than negative experience. Considering such points ahead of time can assistance your peace of mind and ensure that all your household and close friends might be looked after in exactly the way you want them to be.

To discuss 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.

5 + 3 =



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.