Probate fees good and bad news in the pipeline

Probate fees good and bad news in the pipeline

You may recall last year (Feb17) pre the general election; the Government parked the planned increase in Probate Fees. With hindsight it was a good decision at the time because the Conservatives were re-elected.

The plan then was to introduce a tiered fee system in place of paying a relatively small fixed fee. There was a public outcry because of the magnitude of the proposed numbers, in fact it was being thought of as more of a new death tax than a court fee.

Anyway the good news is, they listened to us and have changed the fee basis for the better, but it will, nevertheless, mean a sizeable increase where estates are required to pay a fee.

You can read the official statement here: http://bit.ly/2D3e5rw

What should you think about doing on a practical level?

Consider the value of your estate, can you pass down wealth you dont need? t is worthwhile opportunity to think about. Not all estates will require a grant of probate, and believe it or not, the choice of who you bank with can have a bearing on this too. So a couple of things to think about there.

What we are discussing here, is generational inheritance planning, taking into account the exemptions, allowances and limits that currently exist.

Want to chat it through, why not give me a call and ask some questions.

Contact us here

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