Warning over huge rise in probate fees later this year
STOCKPORT-BASED SAS Daniels is warning people who have been appointed as an executor of a will or estate administrator to act now to avoid being stung by a huge rise in probate fees from May of this year.
Currently there is a flat fee of £215 payable on all estates regardless of their value (or £155 if you use a solicitor), but from May these fees will rise according to the size of an estate, starting at £300 for an estate worth £50,000 or more and escalating to £20,000 for estates worth over £2 million.
Probate fees are charged for administering an estate and getting a grant of probate to process estates and allow families access to any money or assets that have been left.
Deborah Wise, associate solicitor at SAS Daniels, said: “We’re urging anyone in our region who’s thinking about applying for probate to act quickly and apply before the new charges come into force to avoid these exorbitant fees.
“The government is facing real criticism for this fee increase. Many are calling it a stealth tax when wealthy estates are already forced to pay Inheritance Tax and at a rise of 40 per cent for estates worth £50,000 to 9,200 percent for estates over £2 million, it’s completely disproportionate to the service level involved for probate to be granted.
“Our concern is that people will think they have plenty of time to apply for probate, when in reality they need to take urgent action now.
“We also believe that people may try to change the way they handle their estates in a bid to avoid the fee, which may lead to complications for their families at a later date.”