Don’t get STUNG by the enormous proposed probate fees being considered for introduction during Summer 2020
If the current proposals are introduced then BEFORE a Grant of Probate can be obtained an Executor will have to pay out of their own pocket (not the estate) the following fees:
· Estates of £50k - £300k will be charged £250
· Estates of £300k - £500k will be charged £750
· Estates of £500k - £1 million will be charged £2500
· Estates of £1 million - £1.6 million will be charged £4000
· Estates of £1 million - £2 million will be charged £5000
· Estates of more than £2 million will pay £6000
The way to potentially avoid these fees altogether or certainly reduce the band at which a fee needs to be paid is to set up a trust for their assets and most importantly a Property Probate Trust (PPT) for their home during life. The value of all property in a trust is then disregarded when evaluating the total estate worth for probate purposes.
All our clients that may be affected by this are strongly advised to contact us to find out about setting up a stand-alone trusts for their assets and a PPT for their home.