Last February, the Government began a consultation into probate fees and how much families should be charged for extracting the Grant of Probate.
Their proposals outlined a move away from the current application fee of £215 for an individual and £155 for professional, to a new tiered fee system based on the value of the estate in question:
- Estates valued at less than £50.000 – No probate fee
- Estates valued at £50,000-£300,000 – £300 probate fee
- Estates valued at £300,000-£500,000 – £1,000 probate fee
- Estates valued at £500,000-£1m – £4,000 probate fee
- Estates valued at £1m-£1.6m – £8,000 probate fee
- Estates valued at £1.6m-£2m – £12,000 probate fee
- Estates valued at more than £2m – £20,000 probate fee
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They voiced strong opposition to the plans, citing the fact that the proposed fees would potentially cause significant financial difficulties for families already having to deal with the loss of a loved one. Despite overwhelming opposition, the Government has approved the changes to the fee structure and these will come into action from 1 May 2017.
What does this mean for clients that use King’s Court
through Jan Oliff Financial Planning?
Our clients will have the fee changes clearly explained to them.
KC is committed to supporting any families who need advice and support on what the fee structure change will mean for them and are currently investigating a number of options that will allow us to help families manage the additional cost of the Grant of Probate as a result of the new structure.
How will this impact on Kings Court Trust’s fixed fee service?
KC’s comprehensive estate administration service will still be offered with a guaranteed fixed price.
They have removed the cost of the Grant of Probate as a fixed charge and will not be reintroducing this until there is a clear understanding of the new processes that the Probate Registry will be putting in place.
Instead, KC will explain clearly how the new fee structure will impact on the estate in question so that clients have as much information as possible.