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Author Topic: Probate costs to rise significantly  (Read 839 times)

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Shackeng

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Probate costs to rise significantly
« on: 24 February 2016, 10:17:48 »

This may be of interest, as most of us have been, or will be, involved with probate at some time :


Dying to get a lot more expensive
At present there is no fee for probate for estates under £5000.

The good news is that the Ministry of Justice is proposing that the threshold would rise to £50,000.

However the probate fee for estates above £50,000 will rise significantly.

The fees paid will be banded depending on the value of the estate from a £300 fee for estates worth up to £300,000 to a £20,000 fee for estates worth more than £2million.

Whilst most of us probably aren't worth £2m, average house prices will mean that the probate fee for lots of estates will rise from its present level of £215 to £4000.

Some executors are going to struggle to raise that amount before they can be reimbursed from the estate once probate has been granted.
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