Tel: 01296 612955

David Price & Co. 

Wills          Probate         Powers of Attorney

News

Good news on Probate Court fees! - 21st April 2017


It has been announced today (21st April 2017) that the increase in Probate Court fees, which was due to take effect next month, will not now go ahead as there is insufficient time to get the legislation through Parliament before the General Election in June.


However, there is the chance that the fees will increase later this year after the election, so there is still an incentive to make applications for Grants of Probate or Letters of Administration as soon as possible.


Please call or e-mail me for a quote and assistance.


01296 612955                   [email protected]


Reduction in Lasting Powers of Attorney registration fees - 1st April 2017


Although it in no way makes up for the large increase in Probate fees (see below), one small piece of good news is that from 1st April 2017 the Office of the Public Guardian has reduced the fee to register a Lasting Power of Attorney from £110 to £82 (or only £41 if your income is below £12,000 per year).  Despite the unfortunate choice of date, this does not appear to be an April Fool's joke as all the forms have been amended!


The reduction in fees means there has never been a better time to grant Lasting Powers of Attorney to ensure that someone can look after your interests when you are no longer capable of making decisions yourself, so call or e-mail me today for a quote or no-obligation discussion or to arrange an appointment.


01296 612955                     [email protected]


Large increase in Probate Court fees from May 2017


Unfortunately, despite universal opposition and protests from various professional bodies, the Government has decided to press ahead with huge increases in the fees payable to the Courts in order to obtain a Grant of Probate.


At the moment, the fixed fee payable to the Court for the issue of a Grant is £215, with no fee payable if the value of the Estate is below £5,000.


However, from May 2017, fees will increase dramatically and will be on a sliding scale based on the value of the Estate.  This means that the minimum fee will be £300, but that will only apply if the Estate is worth between £50,000 and £300,000 (the £5,000 limit below which no fee is payable is being increased to £50,000).


If the Estate value is between £300,000 and £500,000 the fee will be £1,000 and if it is between £500,000 and £1 million, you will have to pay a £4,000 fee!


For higher value Estates the fees are even more, with the maximum being £20,000 on Estates worth over £2 million.


What's more, the fees have to be paid before the Grant is issued and in my experience Probate fees are not one of the costs for which banks are willing to release money before seeing the Grant of Probate (generally they only release money to pay funeral costs and Inheritance Tax).  Sadly, the Government's view is that if banks will not release money to pay the fees, then the Executors will have to find the money from some other source and then claim it back from the Estate once the Grant has been issued.


If you are currently dealing with an Estate and require assistance to complete the papers and submit them before the new fees come into force, please call or e-mail me today.


01296 612955                   [email protected]