Inheritance tax is charged at 40% on everything you own over £325,000. Your estate can pass tax free to your spouse or civil partner giving you a joint allowance of £650,000.
From April 2017 the Government is introducing the ‘family home allowance’ – a new, additional tax-free allowance for people who own a home. It will be phased in gradually and will eventually be worth an additional £175,000 per person. Combined with the £325,000 allowance this means a new allowance for property owners of £500,000, or £1m for couples.
Sounds like a lot? When you consider this alongside savings and investments and possibly other properties, this allowance may well be used up.
We can provide expert advice about your position, the limits and reliefs available to you and any action which may be desirable.
Estate planning starts with ensuring you have an appropriate will. It’s one of those tasks likely to sit on your to do list for a while. You might think you’re young, fit and healthy so there’s no rush.
But if you die intestate – which means you died without having made a will – the law decides who gets your money, property and possessions. And that could mean your loved ones lose out.
A will clearly states what you would like to happen after you die. You decide who gets what and how much. This can help the ones you leave behind avoid any further stress and anxiety at a difficult and emotional time.
We can make sure you leave the right will for your circumstances. Whether it’s your first will or you’re revising your existing one, we’ll keep the process as simple as possible.
Get in touch now to find out more about how we can help.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
If you wish to register a complaint, please write to Just Financial Planning Ltd, 41 Church Street, Coltishall, Norfolk, NR12 7DW or telephone 01603 266333.
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234 567.