Wills & Estate Planning in Rayleigh

Estate Planning and Wills in Rayleigh

The threshold for Inheritance Tax (IHT) has risen in recent years to £325,000 for individuals and – together with the solution 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 home prices, even so, particularly within the South East, signifies IHT is still a concern for many home owners. It is thus sensible to take some time to consider ahead of time the prospective liability you might be leaving behind.

Before you appear to offset it, nevertheless, it can be crucial to establish what will accumulate as a possible liability. For most, the essential contributor to their estate might be the worth of their dwelling and, even when this lies beneath the threshold, other components can push an estate more than the limit. For example, while people today commonly speak from the positive aspects of ISA investing – which shelters investors from capital gains and revenue tax – ISAs are usually not sheltered from IHT.

The problem with IHT will not be only the fact it must be paid, but additionally that it becomes due fairly swiftly – generally within six months . When your home and specific other volatile assets are involved, there is a provision that enables your beneficiaries to spend their liability by way of instalments whilst the house is sold. On the other hand, this implies that, whilst waiting for that sale, other heirlooms may be compromised as, with no prudent preparing, some could possibly need to be sold to meet the bills.

Nevertheless, there is action you are able to take , especially in case your liability is reasonably small. Handful of persons realise that they’ve an annual exempted amount that they’re able to present to somebody. At £3,000 per year, this could go some technique to lowering the general estate. Gifts for weddings, from parents, grandparents and also pals, are also exempt (subject to varying maximum amounts) and you’ll find other helpful tools like loan trusts and discounted gift schemes.

As the Government looks to close potential tax loopholes it truly is often worth having suggestions on what can and can’t be done to ease prospective IHT burdens. Ultimately, it might assist your loved ones preserve some of its most valued possessions, sentimental or otherwise.


It can be understandable that numerous of us put off the process of making a Will. It tends to make us consider our mortality and consider things which we hope will by no means occur. Nevertheless, without the need of 1, you could be shocked to find out how effortless it can be for the assets to become distributed in an undesirable way. The exact rules of distribution rely where inside the British Isles you live as some particulars differ involving Scotland, Ireland and England & Wales. Having said that, if you are not married, by way of example, the law is united in saying your companion may perhaps get nothing. Without the need of a marriage certificate, your children and parents will benefit instead.

Even when you are married, you’ll find numerous good reasons for generating 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 the need of your say. It is possible to also decide if ex-partners – or perhaps more importantly, ex-partner’s children – should be helped out. And, if 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 factors ahead of time can assistance your peace of mind and ensure that all your family and good friends will probably 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.

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