Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Browntoa
    • By Browntoa 10th Mar 17, 12:00 PM
    • 30,732Posts
    • 36,367Thanks
    Browntoa
    Increase in Probate fees in the Budget 2017
    • #1
    • 10th Mar 17, 12:00 PM
    Increase in Probate fees in the Budget 2017 10th Mar 17 at 12:00 PM
    http://www.dailymail.co.uk/news/article-4299384/Death-tax-stealth-rake-1-5billion.html


    Currently, families pay the Government a set £215 fee, or £155 if they apply through a solicitor, to get permission for probate – the legal authority to distribute someone’s property, savings and investments after they die.
    But fees are set to rocket in May with new levels ranging from £300 to £20,000 depending on the value of the estate – and will be in addition to inheritance tax. Experts described it as a ‘stealth tax’ which will target the bereaved
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I'm a volunteer to help them run smoothly and I can move and merge posts there. However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
Page 2
    • Yorkshireman99
    • By Yorkshireman99 14th Mar 17, 3:50 AM
    • 2,003 Posts
    • 1,641 Thanks
    Yorkshireman99
    The only problem being whether the deceased has enough bank or savings account funds to meet the Probate fee!

    I imagine that once it is realised this will be necessary, people will start making provision for it, however reluctantly...
    Originally posted by troubleinparadise
    A similar problem exists with paying IHT. It is quite usual for executors to have to borrow this secured on the estate assets.
    • troubleinparadise
    • By troubleinparadise 14th Mar 17, 7:30 AM
    • 919 Posts
    • 1,516 Thanks
    troubleinparadise
    A similar problem exists with paying IHT. It is quite usual for executors to have to borrow this secured on the estate assets.
    Originally posted by Yorkshireman99
    But that situation more often arises where there is an asset to sell - a newly bereaved spouse might now have to find a large sum (to them) of money when there are no disposable assets, just a high value property.

    An older person who no longer has much income might have a worrying time sorting this out. I realise that complaining of hardship when there is a high value asset is a 'first world problem', but this is worrying people....
    • Flugelhorn
    • By Flugelhorn 14th Mar 17, 9:39 AM
    • 524 Posts
    • 751 Thanks
    Flugelhorn
    Can see the advertising of "over 50's insurance" having a new theme ..... "paying your funeral expenses AND your probate fees"
    • Keep pedalling
    • By Keep pedalling 14th Mar 17, 9:48 AM
    • 2,685 Posts
    • 2,818 Thanks
    Keep pedalling
    But that situation more often arises where there is an asset to sell - a newly bereaved spouse might now have to find a large sum (to them) of money when there are no disposable assets, just a high value property.

    An older person who no longer has much income might have a worrying time sorting this out. I realise that complaining of hardship when there is a high value asset is a 'first world problem', but this is worrying people....
    Originally posted by troubleinparadise
    Their is a simple solution to that they just need to hold the property as joint tenants and on the first death probate will not be required.

    In that situation probate is probably the least of their worries as they are not in a position to be able to afford day to day maintenance of the house. There a a couple of houses in my street that have owners who can no longer afford the upkeep of their home and they are both in a terrible state. Why people don't downsize and enjoy a more comfortable old age is beyond me.
    • getmore4less
    • By getmore4less 14th Mar 17, 10:09 AM
    • 27,723 Posts
    • 16,610 Thanks
    getmore4less
    But that situation more often arises where there is an asset to sell - a newly bereaved spouse might now have to find a large sum (to them) of money when there are no disposable assets, just a high value property.

    An older person who no longer has much income might have a worrying time sorting this out. I realise that complaining of hardship when there is a high value asset is a 'first world problem', but this is worrying people....
    Originally posted by troubleinparadise
    Which won't need probate.
    • troubleinparadise
    • By troubleinparadise 14th Mar 17, 4:57 PM
    • 919 Posts
    • 1,516 Thanks
    troubleinparadise
    Following on from the above post, will a house held as tenants in common force the need for probate?

    I am aware that people are being advised to hold the ownership of a property as tenants in common rather than joint tenants to reduce their exposure to care home fees taking the entire value of a house.
    • getmore4less
    • By getmore4less 14th Mar 17, 5:54 PM
    • 27,723 Posts
    • 16,610 Thanks
    getmore4less
    Following on from the above post, will a house held as tenants in common force the need for probate?

    I am aware that people are being advised to hold the ownership of a property as tenants in common rather than joint tenants to reduce their exposure to care home fees taking the entire value of a house.
    Originally posted by troubleinparadise
    I think with TIC the issue becomes that if you need probate for other reasons you have to include the relevent value of the house even though you don't need probate to deal with a property with more than one owner.
    • akwallhead
    • By akwallhead 15th Mar 17, 4:29 PM
    • 1 Posts
    • 2 Thanks
    akwallhead
    Online Petition
    An online petition has been created asking for the fee increases to be reconsidered. I am unable to post the link but it can be found on the Government Petitions website and is entitled "To reconsider the proposed significant and unreasonable increase in probate fees".

    These increases are not supported by solicitors or organisations such as STEP (Society of Trust and Estate Practitioners) or Solicitors for the Elderly who consider the increases nothing more than a form of taxation.


    Please sign the petition and share it as much as you can.
    • sammyhammy
    • By sammyhammy 16th Mar 17, 11:13 AM
    • 159 Posts
    • 101 Thanks
    sammyhammy
    Probate Fees Petition
    Here is the link to the petition:


    https://petition.parliament.uk/petitions/188175
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

5,397Posts Today

7,991Users online

Martin's Twitter