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.