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Estate planning

Do your assets exceed £325,000?

Historically, relatively few estates attracted Inheritance Tax (IHT) but this has changed radically in recent years because of soaring house prices, particularly in London and the South East. According to recent estimates, this sharp increase in property values and the slower rise in the “Nil Rate” (tax exempt) Band has left around 1.8 million homeowners now vulnerable to IHT.

When you die, your heirs pay 40% IHT on everything you leave above £325,00 (in the current tax year). Married couples (and Civil Partners) can certainly avoid exposure to IHT on first death by taking advantage of the fact that there is no tax on assets that pass between spouses or civil Partners. However this only delays, not avoids, a tax bill. The New Residential Nil Rate Band, that applies to those with property in excess of the Nil Rate Band can now also increase your personal allowance up to a maximum of £500,000 per person. (Phased in from 2016 to 2020)

Find out more…

Are you married?

If you are currently married or getting married very soon, don’t assume that everything will automatically pass to your new spouse at death. If you haven’t made a Will, the Law may decide how your possessions will be distributed, sometimes at the expense of your intended beneficiaries.

If you have children, the surviving spouse would only get the first £250,000 outright and a life interest in half the remainder, with the children getting the rest at age 18. If you don’t have children, the surviving spouse would get more but not necessarily everything, depending upon the size of your estate.

Are you Unmarried or Divorced?

Perhaps you have been living for some years with your partner but have never married, or maybe you are currently divorced. You may even have children. If you die without a Will, nothing will automatically pass to your partner. They will only be able to claim a share of your estate if you were living together throughout the two years immediately prior to your death.

Find out more…

Safeguarding your Home

Preserving the value of the family home from hostile creditors is important. If you should need Long Term Residential or Nursing Care, and your assets exceed £23,500, the NHS and Community Care Act 1990 allows for your home to be used by the local authority to meet the costs associated with providing that care.

By changing the way in which you own your home, the possibility of a future creditor being able to make a successful claim against this valuable asset can be greatly reduced.

Find out more…

How can we help

Good Will & Estate planning often makes all the difference between achieving security or suffering financial hardship, yet such advice can often be seen as complex and difficult to follow. Working with existing advisers as appropriate, we will provide you with clear , commonsense guidance that will help you understand your options.

Our fees are clear and agreed at the outset, and if you are in business or self employed, can be treated as a deductible business expense.

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    • About Us
    • Services
      • Wills
      • Lasting Powers of Attorney
      • Estate Planning
      • Probate & Trusts
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    • FAQ
    • Contact Us
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    Registered in England and Wales - Company Number: 04712504 - Registered office address: 16 Greenwood Gardens, Caterham, Surrey, CR3 6RX
    • About Us
    • Services
      • Wills
      • Lasting Powers of Attorney
      • Estate Planning
      • Probate & Trusts
      • Business Succession Planning
    • Links
    • FAQ
    • Contact Us
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