A new system of Probate Charges to be introduced in May will see them rocket upwards.
The fee payable to Government by Executors of a Will for permission to administer the estate of a deceased person will now be based on a sliding scale. For estates valued between £50000 and £300000 the fee will be £300 (as against £215 now). Between £300000 and £500000 it will be £1000 and between £500000 and £1m it will be £4000.Larger fees payable for bigger estates. For those estates worth £50000 or less there will be no fee at all however.
As there are around 2.5 million people owning houses worth at least £300000 it looks as though their descendants could face bills of at least £1000 which is a whacking increase in today’s costs. And so whilst Inheritance Tax stays at the same rate Government will increase its tax on bereaved families through these probate fees.
