Probate Fees to Rise
The Ministry of Justice have confirmed that probate fees are set to rise by up to 9,000% from May 1st.
The current cost, which is payable by the executors of the deceased’s estate, is currently £155 or £215, will shoot up to £20,000 if the estate is valued at over £2 million.
|
Value of Estate |
Probate Fee |
|
£50,000 - £300,000 |
£300 |
|
£300,000 -£500,000 |
£1000 |
|
£500,000 - £1 million |
£4000 |
|
£1 million - £1.6 million |
£8000 |
If the value of the estate is valued below £50,000, or if it does not require a grant of probate, there will be no charge to pay. In statistics released by the MoJ, 58% of estates in England and Wales will fall below the threshold.
The plans to increase probate were first suggested in February 2016 and have faced a lot of opposition. 98% of people asked to provide an opinion on the changes disagreed that they should take place.
Head of the Lawson-West Wills and Probate department, Vicky Jones, comments: “These changes will only increase the burden of executors, who are already grieving the loss of a loved one. At Lawson-West, we do everything possible to make the probate process as simple and straightforward as possible. Clients are able to contact myself, my team and our secretary if they ever have any questions or queries. You can contact us on 0116 212 1000.”
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