When it comes to the writing of Wills in Maldon and other parts of the UK, the Office for National Statistics recognised that in July of this year the most intense increases in property prices were witnessed since before the recession with prices increasing by nearly 12% on average. As a result, this means the average house price in the UK is now around £272,000.
On the face of it, most people would surely consider this to be a good thing. However, the reality is actually somewhat different. This is because, when it comes to effective Estate Planning for the purpose of writing your Wills in Maldon and other locations throughout Essex in general and the UK more broadly, many thousands of families will likely have to face significant amounts of inheritance tax debt in locations including Maldon. That this has proved to be the case is largely because inheritance tax is currently charged at 40% for anything above the nil rate band of £325,000 or £650,000 for married couples.
Nevertheless, despite the fact it has been argued that the current nil rate band should be increased with a view to guaranteeing only the truly wealthy will ever be affected, this is something that this government has thus far chosen not to do and is unlikely to be changed before 2018 since the threshold was frozen until then in areas throughout the UK like Maldon.
With this in mind, you advised to contact a service provider like Andrew Douglas Wills and Legal Services with a view to undertaking effective Estate Planning to limit the level of inheritance tax that may have to be paid from your estate at the time of your death under the terms of Wills in Maldon and other locations throughout Essex.
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