Blog

Government confirms rise in probate fees

Probate fees to be hiked into the thousands of pounds with increases starting at 40% for estates of 50,000 up to 9202% for estates in excess of £2m

The system is going ahead despite the experts who responded overwhelmingly to reject the idea of even changing fees from a flat rate to rising with estate values.

Just 8 per cent of respondents, mostly legal experts & firms of solicitors, agreed probate fees should not reflect the value of the estate.

Probate is largely an administrative function and the existing £215 fee fully meets the cost of the Probate service so you could be forgiven for arguing that this is yet another stealth tax.

Family Trusts can be a key area of estate planning. Assets held in Trust are taken out of probate and can reduce the financial burden on surviving family. A Family Trust could be the difference between having to sell a property or not to meet the fees.

Estate planning decisions are yours to make so, to understand all the options available to you, it’s important to speak to a professional.

 

Facebooktwitterredditpinterestlinkedinmail
Comments for this post are closed.

The passing of a best …

Michael O’Sullivan and Matt Murphy were close friends for over 30 years. In 2017 they got married in a bid to avoid the …

What is the difference …

Wanting to give money to your children is a natural instinct. When you make a substantial gift, usually money or property, …

Court of protection …

A 76-year-old dementia patient will be DNA tested to determine parentage of three adult children An application, made on …