Massive Increases in Probate Charges on the Way

 

Probate fees, which rose sharply only three years ago, are about to rise again.

Under the present scheme an application for probate by an individual costs £215 and by a solicitor £155, but from May 2017 a new tariff is being introduced which will see the probate fee for estates of more than £2 million rise to £20,000.

 

Under the new proposals, the fees will be as follows:

– £300 for estates valued at £50,001 to £300,000;

– £1,000 for estates valued at £300,001 to £500,000;

– £4,000 for estates valued at £500,001 to £1 million;

– £8,000 for estates valued at £1,000,001 to 1.6 million;

– £12,000 for estates valued at £1,600,001 to £2 million;

– £20,000 for estates of £2 million or more.

To discuss how to make sure as much of your estate as possible goes to those you would like to benefit from it, please contact us.