Wills & Estate Planning in St Ives

Estate Planning and Wills in St Ives

The threshold for Inheritance Tax (IHT) has risen in current years to £325,000 for people and – using 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 prices, having said that, specifically inside the South East, signifies IHT continues to be a concern for a lot of home owners. It is for that reason sensible to take some time to think about in advance the possible liability you may be leaving behind.

Before you appear to offset it, on the other hand, it is actually critical to establish what will accumulate as a possible liability. For many, the essential contributor to their estate is going to be the value of their house and, even if this lies beneath the threshold, other components can push an estate more than the limit. One example is, even though persons typically speak with the benefits of ISA investing – which shelters investors from capital gains and revenue tax – ISAs are certainly not sheltered from IHT.

The problem with IHT will not be only the truth it has to be paid, but additionally that it becomes due somewhat swiftly – normally inside six months . When your house and certain other volatile assets are involved, there is a provision that enables your beneficiaries to spend their liability by means of instalments while the home is sold. However, this means that, while waiting for that sale, other heirlooms might be compromised as, with out prudent preparing, some may well need to be sold to meet the bills.

Nevertheless, there is certainly action you can take , particularly if your liability is relatively small. Handful of people today realise that they have an annual exempted quantity that they’re able to gift to an individual. At £3,000 per year, this could go some technique to minimizing the overall estate. Gifts for weddings, from parents, grandparents and also mates, are also exempt (topic to varying maximum amounts) and you can find other valuable tools including loan trusts and discounted present schemes.

As the Government looks to close possible tax loopholes it is constantly worth receiving advice on what can and cannot be done to ease possible IHT burdens. In the long run, it might help your loved ones preserve some of its most valued possessions, sentimental or otherwise.


It is actually understandable that countless of us place off the process of creating a Will. It tends to make us think of our mortality and consider issues which we hope will in no way occur. Even so, with no one particular, you may be surprised to discover how easy it is actually for your assets to become distributed in an undesirable way. The precise rules of distribution depend exactly where in the British Isles you reside as some facts differ in between Scotland, Ireland and England & Wales. Nevertheless, if you aren’t married, as an 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 if you are married, you will find a lot of good reasons for generating a Will. First and foremost, it makes it possible for you to take positive decisions over who gets what – including mates, friends’ children, charities and local societies who are entitled to nothing without your say. You are 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 help 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 factors in advance can help your peace of mind and ensure that all your family members and buddies will be looked after in exactly the way you want them to be.

To discuss your wills and estate planning requirements
give us a call 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.

11 + 7 =



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.