Proposed new probate fees

brewerdave

Just reading the following:- http://www.bbc.co.uk/news/business-35612264

The dividing line at £500k is going to catch a lot of cash poor ,property rich estates - and as you can't pay the probate fees out of the deceased bank accounts until after probate is granted - how many "amateur" executors are going to have £4K in their bank accounts ??:eek:

TonyMMM

I would expect there might be a similar arrangement develop as there is for funeral costs currently, where the bank releases funds from the deceased's accounts direct to pay for the probate application ?

We shall have to wait and see.

getmore4less

Given the court does the similar amount of work for all estate that go to grant a scale of fees seems to be wrong.

there is a bit more work if IHT400 are used

the numbers are probably missleading(millions where do those numbers come from?).

(number are about "ish" in the following
each year 1/2 million die, 250k go to a grant although this number is increasing quite fast
2012 <61k over £300k
2013 <70k over £300k

Yorkshireman99

getmore4less wrote: »

Given the court does the similar amount of work for all estate that go to grant a scale of fees seems to be wrong.

there is a bit more work if IHT400 are used

the numbers are probably missleading(millions where do those numbers come from?).

(number are about "ish" in the following
each year 1/2 million die, 250k go to a grant although this number is increasing quite fast
2012 <61k over £300k
2013 <70k over £300k

I would not object if the Probate Office did some proper scrutiny of executors included insurance against rogue or incompetent executors with a mandatory timescale for completing probate.

getmore4less

Should have added most of those don't pay tax due to nil rate bands tranferable nil rate bands and charity.
<18k of the paid tax in 2013 of the 280k that went to probate

Rodders53

No probate required for <£50k is the only positive (if you can call it that).

Do all read the consultation document in detail and then fill out the response form... online or in paper form... and make your views known. I have.

Then write to your MP and complain about this back-door taxation increase proposal! I still have to do this bit.

NB in the old days Probate fees were on a sliding scale... as mentioned in the "consultation" paper. So if it was such a good idea to simplify things years ago, why this backward step? :mad:

PasturesNew

Simple to avoid this. Don't die. It's a tax on dying.

You're right, not many could magic £4k from thin air, especially if it were a youngish death and entirely unexpected.

PasturesNew

Die in a care home and now your costs are:
£3-4k month's notice on room required
£4-5k cremation/burial and what not
£4k probate
====
£11-13k!

sammy1234567

Seems unfair to put the fees up. I hope I never have to go through the whole Probate thing again, it is bad enough having to do so without there being even more fees to pay out. The change in fees will probably force people to get legal representation to do Probate instead of doing it themselves, as the solicitors don't mind lending (at interest of course), knowing they will recoup a big payout.

Mumstheword

The consultation period is until 1st April.
Is there any mention anywhere of the proposed date to change the fees?

Yorkshireman99

anon69 wrote: »

Re. 'No probate required for <£50k is the only positive'.
Even for small estates, banks / financial institutions have the right to demand a Grant of Representation before releasing assets, to protect themselves from any future claims. I found (as an executor), the only round this was to provide a personal indemnity to a bank. How many executors are prepared to do that?

Lots! It really is an everyday occurrence.