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Probate Fees Increase

 

 

 

 PROBATE FEES SET TO INCREASE SHORTLY

 

 

The Government has announced that the probate fees will be increasing shortly meaning that some estates could pay almost £6,000 more than they would now.

 

The fees, currently set at a standard rate of £155 when applying for probate through a solicitor or £215 for individuals, will instead be based on a sliding scale with higher value estates paying higher probate fees.

 

The proposed fees are set out below:

                                   

Estate Value

Proposed fee

Less than £50,000

Nil

£50,000 - £300,000

£250

£300,000 - £500,000

£750

£500,000 - £1,000,000

£2,500

£1,000,000 - £1,600,000

£4,000

£1,600,000 - £2,000,000

£5,000

More than £2,000,000

£6,000

 

Currently any estates worth below £25,000 pay no fee.  The limit has been doubled to estates worth less than £50,000 paying no fee.  However, in contrast, for those estates worth more than £2 million, the fee will increase by £5,785.

 

Such an increase in fees could cause problems for executors who are unable to pay the fee themselves in order to apply for probate.  In addition, for those estates which are asset rich and cash poor, a decision will have to be made as to who will pay the probate fee at the outset.

 

The government once before announced an increase in probate fees in 2017, with a maximum fee being payable of £20,000.  However, this faced extensive opposition which resulted in its abandonment.

 

The new fees were set to apply from April 2019.  However, as of yet, no date has been fixed for a parliamentary motion in the House of Commons.   Once an order has been made, a period of 21 days will need to pass before the new fees can be implemented.  This is therefore something to watch out for in the coming weeks.

 

If you are an executor of an estate and are concerned about the proposed increase in fees, feel free to contact our wills and probate department and make an appointment to see one of our knowledgeable team members.

 

Tony Illsley LL.B

Solicitor and Head of Department

Tel. 01827 311411

Email: t.illsley@rutherfordslegal.com

Rebecca Taylor F.C.I.L.Ex

Chartered Legal Executive

Tel. 01827 311411

Email: r.taylor@rutherfordslegal.com

 

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