Good news – the government has announced it no longer plans to bring in a new probate fee structure, which would have represented a substantial increase to the cost relatives bear of settling the estates of loved ones.
The plan had been to introduce a sliding scale of fees linked to an estate’s value, ranging from £250 to a staggering £6,000. Estates valued at less than £50,000 would pay nothing, but those at the top end of more than £2million would pay the maximum £6,000. Those worth between £1.6m and £2m would pay £5,000 and those between £1m and £1.6m, £4,000.
The changes were due to come into force in April, but were delayed indefinitely – and the government has now reversed its position, saying probate fees will instead be reviewed as part of the annual assessment of charges in family and civil courts.
Probate remains as a flat fee of £215 for an individual’s application, and £155 if applying through a solicitor, with no fee being charged for estates under £5,000.
If you would like any help or advice regarding writing or changing a will or powers of attorney, please get in touch with the wills team here at Optimum.
