Currently, executors pay a flat fee of £215 for probate regardless of the size of estate. However, under the proposed legislation a sliding scale of fees will be introduced, capped at £20,000 for estates worth more than £2 million.
Government proposals unveiled this week could result in a hundredfold increase in probate fees for some families, reports The Financial Times. The Ministry of Justice (MoJ) has published its plans to reduce the £1.1bn annual cost of running the court system by introducing a revised probate fees structure in England and Wales.
A recent article by The Telegraph has detailed the emotional stress that dealing with the death of a loved one can cause, including the anxiety of having to deal with the taxman when it comes to Inheritance Tax (IHT).
Kings Court Trust firmly believes in the benefits of having a professional help draft a Will to ensure that everybody’s final wishes are made clear and carried out accurately. Drafting a Will and carefully considering what is to happen to our finances is not the most cheery of topics, but one that should be taken very seriously.
When making a Will, many people choose to use a DIY kit or online template for a variety of reasons. Research shows that 37% of us thought it would be cheaper than going through a solicitor, whilst others thought it would be quicker to do it ourselves or didn’t want a stranger knowing their business.
According to the Guardian, less than half of UK adults have drawn up a Will, which leaves more than 26 million people with no formal instructions on how their assets should be distributed after their death.
The summer Budget brought good news for those with wealth tied up in family homes as Chancellor George Osborne announced the introduction of an additional nil-rate band for a person’s main residence. However, some experts have criticised the announcement for being unnecessarily complicated and causing confusion amongst the public.
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