Probate fees to increase May 2017: What does this mean for you?
In May 2017, it has been announced that the Government will be introducing a rise in probate fees. This increase in fees will affect those whose estate is worth more than £50,000 and exempt from any charges those whose estate is worth less.
Probate fees are currently based on a flat fee system of £215, if applied for by friends or family, or £155 if using a Solicitor. The new rates being introduced are based on a tiered structure depending on an individual’s assets (see table below).
How this will affect your estate
If your estate is below the £50,000 threshold, like 58% of all estates in England Wales, the fee will be £0. However, the fees increase dramatically the more your estate is worth. Those with assets worth more than £1m will be required to pay probate fees of between £8,000 and £20,000.