PROBATE FEES TO SOAR
The Times, Bricks and Mortar November 16, 2018
Wealthy families faced paying up to £6,000 to execute the will of the deceased relative after the government confirmed this month it was pressing ahead with reforms to probate charges.
From November 2019, a banded probate fee structure will replace the current flat rate of £215 or £155 if the estates are settled through a solicitor. The fee allows an executor to distribute a deceased persons property and finances.
Those with an estate valued between £50,000 and £300,000 will pay £250 and those with estates worth £500,000-£1 million will pay £2,500. Those with estates worth over £2 million will face the maximum £6,000, a 3770% increase on the current cost! Matthew Yates, Partner at lawfirm Hunters Solicitors said: “this is essentially a form of taxation, being proposed outside of the budget”.
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