The return of the Probate fee increase?
The budget is due again in November. Will this see the return of...Back to News and Events
The budget is due again in November. Will this see the return of the plan to increase the probate court fees? Radical increases to the fee for applying for a Grant of Probate were previously proposed. These narrowly escaped making it into the budget prior to the general election. With austerity the buzz word in government policy, these proposals are bound to reappear again in the near future and the probate fee increase may return.
Currently the application fee for a Grant of Probate is £155. This is regardless of the size of the deceased’s estate. Proposed changes would have increased these fees substantially. For some estates bereaved families would face Probate fees of £20,000. This was before they had any access to any assets from their loved one’s estate. Families would therefore need to pay these considerable fees from their own resources. Families may be able to take out a loan to pay for the fee, but this may incur high levels of interest.
The changes were initially due to come in virtually overnight, and with very little publicity. They could come into effect in November’s budget, as a way to increase government revenue, though it is not guaranteed.
There is no need to panic, with careful lifetime planning and a well drafted Will, it may be possible to prevent your estate being liable to these fees. Furthermore, Poole Alcock are able to provide help and advice for estates which these changes effect. For more information, or for an appointment to discuss your requirements, speak to one of our expert solicitors in our Wills and Probate team on 01270 625478. Alternatively you can visit our wills and probate services page here or complete the form linked here and we will call you back.