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Will Makers offering Wills in Maidstone, KentWills in Maidstone, Kent

Willmakers of Maidstone Limited - Professional Will writing service

The Society of Will Writers

Willmakers offer a complete and comprehensive range of Will writing services with home visits in Maidstone, Kent, the Medway towns and throughout the rest of Kent. Compliant with the IPW Code of Practice.

Here are a list of scenarios (with examples) of the type of situation where a will could save a lot of pain and suffering to surviving relatives in the event of an unexpected death.

 Institute of Professional Will writers Wills in Maidstone, Kent

 

Wills

Wills in Maidstone, Kent Will they be provided for - as you would wish or will they face financial difficulties? Wills in Maidstone, Kent Will your spouse or partner have to sell? Wills in Maidstone, Kent Will they be given to the right people? Wills in Maidstone, Kent Your Children... Will they be cared for - as expected and by whom? Wills in Maidstone, Kent Will your family or partners be allowed to continue it? Wills in Maidstone, Kent Will your estate be affected - do you know how to minimise the tax?

Your Family...

Will they be provided for - as you would wish or will they face financial difficulties?

Your Home...

Will your spouse or partner have to sell?

Your Possessions...

Will they be given to the right people?

Your Children...

Will they be cared for - as expected and by whom?

Your Business?

Will your family or partners be allowed to continue it?

Inheritance Tax...

Will your estate be affected - do you know how to minimise the tax?

 

| Will Case Study 1 | Will Case Study 2 | Will Case Study 3 |

| Will Case Study 4 | Will Case Study 5 | Will Case Study 6 | Will Case Study 7 |

 


  

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CodicilCodicil

Over a period of time the contents of your Will are likely to need updating. Codicils are used to make small additions and or deletions to an existing Will. Willmakers can make a codicil to Wills but often it is better to have a fresh Will.

 


  

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Additional Nil Rate band - 29 June 2016
Currently (2016) Inheritance Tax (IHT) is charged at a rate of 40% on the value of an estate above the nil-rate band, which has been frozen at £325,000 per person (or £650,000 for married couples and civil partners) since the Finance Act 2010 and remains frozen until April 2020.
From April 2017 a new tax free allowance is being introduced, referred to as the ‘family home allowance’ to be known as the Additional NRB . This new allowance will effectively remove the family home from inheritance tax and will help ensure that the family home can be passed onto a testator’s direct descendants with minimal burden. By 2020-21 this new allowance will be worth an extra £175,000 per person on top of the current Nil Rate Band (NRB) of £325,000. This will mean that by 2020-21 married couples and civil partners may pass on up to £1 million worth of assets to their children and grandchildren free of inheritance tax.
It is important to note that this new Additional NRB will be gradually phased in. Starting in 2017-18 the allowance will be worth £100,000 per person, £125,000 in 2018-19, £150,000 in 2019-20 and then will finally reach its full value of £175,000 in 2020-21.
For estates worth more than £2 million the Additional NRB will be gradually withdrawn at a rate of £1 for every £2 over the new threshold and will be unavailable completely for estates worth over £2,350,000.
The Additional NRB will be limited to only one residential property. If there is more than one residential property in the estate then it will be possible for the deceased’s personal representatives to elect a qualifying property. To qualify for the allowance a property must currently be their main residence or have been their residence at one point. Another important stipulation is that the property must be passed on to a direct descendant. Here a direct descendant includes children, grandchildren, adopted children, foster children or step children.
Please note that the property must be passed on to a direct descendant. This means that any property left into a Discretionary Trust would appear not to be covered. However assets left into a Property Trust or Life Interest Trust on the first death of a couple will qualify if the beneficiaries are direct descendants as above. Hence any clients who have a Discretionary Trust of assets in their Will and whose assets may exceed the basic Nil rate band of £325,000 per person should review their Wills prior to April 2017. 
Budget July 2015 - Inheritance Tax - 10 July 2015
The good news in the July Budget is that increases will take place as promised in the Conservative manifesto. The not so good news is that there will be no changes until 6 April 2017 and that the basic Nil Rate Band will stay at £325,000 until 2020. So, if you are single (and that includes divorcees) there is no increase. If you are married or in a civil partnership or were when your spouse or civil partner died, there will be an allowance for the family home increasing each year from April 2017 until 2020. If you are in a situation where you own a home of reasonable value and joint assets exceed £650,000 (quite common in parts of London and the South-East) then don't die until after 5 April 2017.
Wherever your situation is simple or complex it is advisable to have an up-to-date Will. 
Additional Nil Rate band - 29 June 2016
Currently (2016) Inheritance Tax (IHT) is charged at a rate of 40% on the value of an estate above the nil-rate band, which has been frozen at £325,000 per person (or £650,000 for married couples and civil partners) since the Finance Act 2010 and remains frozen until April 2020.
From April 2017 a new tax free allowance is being introduced, referred to as the ‘family home allowance’ to be known as the Additional NRB . This new allowance will effectively remove the family home from inheritance tax and will help ensure that the family home can be passed onto a testator’s direct descendants with minimal burden. By 2020-21 this new allowance will be worth an extra £175,000 per person on top of the current Nil Rate Band (NRB) of £325,000. This will mean that by 2020-21 married couples and civil partners may pass on up to £1 million worth of assets to their children and grandchildren free of inheritance tax.
It is important to note that this new Additional NRB will be gradually phased in. Starting in 2017-18 the allowance will be worth £100,000 per person, £125,000 in 2018-19, £150,000 in 2019-20 and then will finally reach its full value of £175,000 in 2020-21.
For estates worth more than £2 million the Additional NRB will be gradually withdrawn at a rate of £1 for every £2 over the new threshold and will be unavailable completely for estates worth over £2,350,000.
The Additional NRB will be limited to only one residential property. If there is more than one residential property in the estate then it will be possible for the deceased’s personal representatives to elect a qualifying property. To qualify for the allowance a property must currently be their main residence or have been their residence at one point. Another important stipulation is that the property must be passed on to a direct descendant. Here a direct descendant includes children, grandchildren, adopted children, foster children or step children.
Please note that the property must be passed on to a direct descendant. This means that any property left into a Discretionary Trust would appear not to be covered. However assets left into a Property Trust or Life Interest Trust on the first death of a couple will qualify if the beneficiaries are direct descendants as above. Hence any clients who have a Discretionary Trust of assets in their Will and whose assets may exceed the basic Nil rate band of £325,000 per person should review their Wills prior to April 2017. 
Budget July 2015 - Inheritance Tax - 10 July 2015
The good news in the July Budget is that increases will take place as promised in the Conservative manifesto. The not so good news is that there will be no changes until 6 April 2017 and that the basic Nil Rate Band will stay at £325,000 until 2020. So, if you are single (and that includes divorcees) there is no increase. If you are married or in a civil partnership or were when your spouse or civil partner died, there will be an allowance for the family home increasing each year from April 2017 until 2020. If you are in a situation where you own a home of reasonable value and joint assets exceed £650,000 (quite common in parts of London and the South-East) then don't die until after 5 April 2017.
Wherever your situation is simple or complex it is advisable to have an up-to-date Will. 
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Personal Service ... with integrity

Associate of Society of Will Writers & a Fellow of Institute of Professional Willwriters

 

Personal Service ... with integrity

Associate of Society of Will Writers & a Fellow of Institute of Professional Willwriters
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