The government is set to introduce a tiered structure for probate fees as high as £20k based on the value of the deceased's estate and is investigating whether life insurance policies in trust should be bought forward to pay fees.
Currently all estates over £5,000 pay a flat fee of £215 (or £155 through a solictor) - this will now be replaced by a sliding scale of fees ranging from £300-£20,000 depending on the value of the assets before inheritance tax. The Government Response to consultation on proposals to reform fees for grants of probate consultation was presented to Parliament by the Lord Chancellor and Secretary of State for Justice on Friday 24th Feb. It has since been confirmed that the changes will begin from May 2017. Tiered structure Estate value ( prior to IHT) Current Fee Pr...
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