Wills & Estate Planning in Old Bexley

Estate Planning and Wills in Old Bexley

The threshold for Inheritance Tax (IHT) has risen in recent 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 degree of home rates, nonetheless, especially inside the South East, implies IHT is still a concern for many home owners. It can be for that reason sensible to take some time to take into consideration ahead of time the possible liability you could be leaving behind.

Ahead of you look to offset it, on the other hand, it is critical to establish what will accumulate as a potential liability. For many, the essential contributor to their estate will likely be the value of their house and, even though this lies under the threshold, other components can push an estate more than the limit. For example, though people typically speak on the positive aspects of ISA investing – which shelters investors from capital gains and income tax – ISAs usually are not sheltered from IHT.

The issue with IHT isn’t only the truth it has to be paid, but also that it becomes due comparatively quickly – generally within six months . When your home and certain other volatile assets are involved, there is a provision that enables your beneficiaries to spend their liability by way of instalments while the house is sold. However, this means that, whilst waiting for that sale, other heirlooms may very well be compromised as, without the need of prudent preparing, some may possibly need to be sold to meet the bills.

Nonetheless, there is certainly action you could take , especially in case your liability is relatively compact. Handful of persons realise that they have an annual exempted amount that they will gift to an individual. At £3,000 per year, this could go some method to lowering the overall estate. Gifts for weddings, from parents, grandparents as well as good friends, are also exempt (topic to varying maximum amounts) and you’ll find other useful tools for instance loan trusts and discounted present schemes.

As the Government looks to close potential tax loopholes it can be always worth getting advice on what can and can’t be done to ease potential IHT burdens. In the long run, it might assist your household preserve some of its most valued possessions, sentimental or otherwise.


It is actually understandable that so many of us place off the activity of generating a Will. It tends to make us take into consideration our mortality and take into account factors which we hope will never ever occur. However, without the need of one, you may be shocked to discover how effortless it is for your assets to be distributed in an undesirable way. The precise guidelines of distribution depend exactly where within the British Isles you reside as some particulars differ among Scotland, Ireland and England & Wales. However, if you usually are not married, as an example, the law is united in saying your partner may perhaps get nothing. Devoid of a marriage certificate, your children and parents will benefit instead.

Even though you are married, you can find lots of good reasons for generating a Will. First and foremost, it permits you to take positive decisions over who gets what – including buddies, friends’ children, charities and local societies who are entitled to nothing without the need of your say. You could 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 aid 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 things ahead of time can assistance your peace of mind and ensure that all your family members and friends is going to 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.

4 + 13 =



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.