Increase in Probate fees in the Budget 2017

troubleinparadise

Yorkshireman99 wrote: »

A similar problem exists with paying IHT. It is quite usual for executors to have to borrow this secured on the estate assets.

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

Can see the advertising of "over 50's insurance" having a new theme ..... "paying your funeral expenses AND your probate fees"

Keep_pedalling

troubleinparadise wrote: »

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....

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

troubleinparadise wrote: »

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....

Which won't need probate.

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

troubleinparadise wrote: »

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.

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

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

Here is the link to the petition:


https://petition.parliament.uk/petitions/188175

silversue_2

signed and shared. Get this OUT there everybody