Wills & Estate Planning in Sevenoaks

Estate Planning and Wills in Sevenoaks

The threshold for Inheritance Tax (IHT) has risen in current 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 level of house costs, nonetheless, particularly in the South East, suggests IHT is still a concern for many home owners. It really is consequently sensible to take some time to take into account in advance the possible liability you could possibly be leaving behind.

Just before you look to offset it, nonetheless, it’s vital to establish what will accumulate as a possible liability. For many, the essential contributor to their estate will likely be the worth of their residence and, even when this lies below the threshold, other components can push an estate over the limit. By way of example, although folks commonly speak from the rewards of ISA investing – which shelters investors from capital gains and earnings tax – ISAs aren’t sheltered from IHT.

The problem with IHT is just not only the truth it has to be paid, but also that it becomes due relatively swiftly – frequently within six months . When your home and specific other volatile assets are involved, there’s a provision that enables your beneficiaries to spend their liability by way of instalments while the house is sold. Nonetheless, this implies that, whilst waiting for that sale, other heirlooms may be compromised as, without the need of prudent organizing, some may well have to be sold to meet the bills.

Nonetheless, there is certainly action you may take , specifically in case your liability is reasonably little. Few men and women realise that they have an annual exempted quantity that they could present to an individual. At £3,000 per year, this could go some approach to lowering the general estate. Gifts for weddings, from parents, grandparents as well as pals, are also exempt (subject to varying maximum amounts) and you can find other valuable tools for example loan trusts and discounted present schemes.

As the Government appears to close possible tax loopholes it really is constantly worth finding suggestions on what can and can’t be accomplished to ease possible IHT burdens. In the long run, it might assistance your family preserve some of its most valued possessions, sentimental or otherwise.


It’s understandable that numerous of us put off the task of creating a Will. It makes us consider our mortality and think about points which we hope will in no way happen. Having said that, without the need of a single, you may be shocked to find out how simple it really is for your assets to be distributed in an undesirable way. The precise rules of distribution rely where inside the British Isles you reside as some specifics differ in between Scotland, Ireland and England & Wales. On the other hand, if you are usually not married, for example, the law is united in saying your partner might get nothing. Without the need of a marriage certificate, your children and parents will benefit instead.

Even when you are married, you can find quite a few good reasons for producing a Will. First and foremost, it makes it possible for 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 may 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 assist 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 issues in advance can assist your peace of mind and ensure that all your household and good friends will be looked after in exactly the way you want them to become.

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.

6 + 5 =



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.