Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Shackeng 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.