Provisions for Probate Fees with The Will Associates
The Ministry of Justice has recently announced that they are to review the probate fees charged when an individual dies and leaves property and assets to their relatives as a way of potentially raising, it is estimated, an additional £250million pounds a year.
Currently, there is a flat probate fee of £215 payable and this will be replaced by a graduated scale of charges which could mean that a deceased's estate if it is worth more than £2million, could end up paying £20,000.
A probate fee is payable to the Government to obtain a Grant of Probate which is the process when someone is given the legal right to deal with the estate of a deceased person.
The Government is planning to remove any probate fees for estates valued at less than £50,000 with steep rises in the fees payable for estates worth more than this. For instance, on an estate worth between £500,00 and up to £1million, it is proposed that the probate fee payable to the Government would increase to £4,000.
· minimising claims on your estate
· consequences of relationship failure
· support of dependent beneficiaries
· no sideways disinheritance
To find out more about the significant savings and benefits of establishing a Trust for you and your family please contact The Will Associates on for a free, no obligation appointment in your own home by calling us on 0800 9500 700.