Proposed rise in Probate Fees

Proposed rise in probate fees
The Government is proposing a huge hike in the fees that you pay to obtain a Grant of Probate, the document necessary to allow you to administer the estate of a deceased person. Currently there is a flat fee of £155, this fee is the same regardless of the value of the estate. The proposal is to introduce a progressive fee scale so that the smallest estates pay nothing, but the bigger the estate is the bigger the proposed fee. The suggested figures mean that for an estate with assets between £50,000 and £300,000 the fee would be £300 and for estates with assets over £2 million the fee would be £20,000.

The amount of work involved for the probate registry is the same regardless of the value of the estate and so this cannot be justified as covering the costs of the work involved it is purely a money making scheme. This is in addition to the inheritance tax which is payable on the estate at a rate of 40% on everything above the nil rate band, currently £325,000 for a single person.

Please do contact myself or one of my team if you have any questions about the process of obtaining a Grant of Probate or anything related Probate and Will planning – we’d be happy to help. You can get in touch with me by email or call us on 01604 828 282.

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About Rosie Wright

Rosie heads up the Private Client department at Franklins. Her areas of specialism include: wills, powers of attorney and the uses of Trusts. She is also a full member of the Society of Trust and Estate Practitioners and a member of the Solicitors for the Elderly. You can connect with her on LinkedIn
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