from The Will Company
Property wealth hits new high. Residential Nil Rate Band Allowance Potential Loss.
The overall value of UK housing stock has risen from £5.67trn to £6.42trn over the last year, with private property wealth reaching a new high of £4.87trn, according to figures released by the Equity Release Council.
While the level of mortgage debt has reached unprecedented levels, now above £1.5trn, fast rising property prices mean that for every £1 of mortgage debt, there is more than £3 of equity in our homes.
With the recently introduced RNRB allowance, a couple could lose out on up to £140,000 tax relief if the Wills are not drafted in consideration of the allowance
And the national lockdowns turned borrowers into a nation of savers as households repaid more than £19bn of mortgage capital during both Q1 and Q2 2021, having never repaid more than £18bn in any previous quarter.
The Equity Release Council figures suggest that more than three quarters of the value of the average home is tied up in equity rather than debt.
More than ever, we all need Wills, IHT (Inheritance Tax) advice and Lasting Powers of Attorney. With the recently introduced RNRB allowance, a couple could lose out on up to £140,000 tax relief if the Wills are not drafted in consideration of the allowance.
It is no longer possible to confidently predict the IHT payable on an estate, without first reviewing the Will in place.
Could you do with some FREE, sound advice on:
- Writing a Will – What do I need and how much does it cost?
- Creating Lasting Powers of Attorney – If I was incapacitated who can act on my behalf?
- Property Protection Trusts – Can these really save Care Home Fees?
- Pre-Paid Funeral Plans – With so many to choose from how do I decide which plan is best?
There is so much confusion on these vital areas of estate planning, that sometimes just a chat with an expert in the field can clear up misunderstanding and set out the way ahead, without all the legal jargon.
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Steve Worsfold
Affiliate Member of the Society of Will Writers
Advising on Wills/Trusts/Probate/Powers of Attorney
Mobile: 07734 744886
Office: 01903 533681
Email: steve@sussexwillwriters.co.uk
Website: www.sussexwillwriters.co.uk
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Steve Worsfold has been an Affiliate Member of the Society for 15 years.