Relatives to Face Additional Charges As Probate Fees Rise
Relatives could soon be facing huge rises in probate fees if proposed new tiered systems of charges comes into effect for Probate.
With property values at a new all time high the changes will obviously affect more and more people who find themselves hit by higher charges after a loved one passes away.
The flat £215 fee will be replaced with a new system of tiered charges that would result in some paying as much as £20,000 for estates worth more than £2m.
If a loved one leaves an estate worth over £300,000 the new fees would be £1,000.
For estates worth between £500,000 and £1m the new fee will be £4,000, rising to £8,000 for those worth between £1m and £1.6m, and £12,000 for those valued at between £1.6m and £2m.
Obtaining a grant of probate is the process by which someone is given the authority to deal with the property, money and possessions of a person after they die.
It is usually sought by the executor of a Will or a person acting on their behalf. Not all estates need to go through probate, but around half of deaths leading to an application for a grant of probate in England and Wales.
Private Client Partner, Daniel Prince, said: “At such a difficult time as the loss of a loved one there is no substitute for the experience, knowledge and skill of a solicitor to guide you through this often complex area of the law, particularly if unforeseen complications arise.
“Moving forward the proposed rise in fees will hit a percentage of our clients and we will have to explain the changes carefully and precisely.”
Proposed new probate fees which are being consulted on until 1 April 2016:
£300 for estates worth more than £50,000 and up to £300,000
£1,000 for estates worth more than £300,000 and up to £500,000
£4,000 for estates worth more than £500,000 and up to £1m
£8,000 for estates worth more than £1m and up to £1.6m
£12,000 for estates worth more than £1.6m and up to £2m
£20,000 for estates worth more than £2m
For advice on your Will, Probate and Private Client matters contact Daniel.Prince@pearsonlegal.co.uk
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Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
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