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Bereaved families have just months to apply before probate fees are hiked - MSE News
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Former_MSE_Megan_F
Posts: 418 Forumite
Many families who have lost a loved one could face increased fees if they don't apply for probate before April - although those with smaller estates may be better off waiting until after the rules change...
Read the full story:
'Bereaved families have just months to apply before probate fees are hiked'
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'Bereaved families have just months to apply before probate fees are hiked'
Click reply below to discuss. If you haven’t already, join the forum to reply.
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Comments
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I am told that the actual cost of producing grant of probate is the same whatever value the estate is. So this is just another tax on already beleaguered families. Actually, if like me you live in the south east, you are most likely pushed into the higher probate brackets just by inflation on a standard house. Shame on you, Ms Frazer for approving yet another stealth tax.0
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I am told that the actual cost of producing grant of probate is the same whatever value the estate is. So this is just another tax on already beleaguered families. Actually, if like me you live in the south east, you are most likely pushed into the higher probate brackets just by inflation on a standard house. Shame on you, Ms Frazer for approving yet another stealth tax.
Same for us but as our estates will benefit hugely with the introduction of the residence nil rate band I am not really bothered.0 -
Some will benefit from that. I took on a ready made family without any of the formalities so am not eligible for that and family is grown up now. What kind of country do we have that single people are penalised even though their circumstances are the same as married people?0
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At what point do these fees apply?
When probate is requested and granted or when the final value of the estate is known and ready to be paid out?
Intially the estate value is a guesstimate as some institutions do not tell you the value of a policy or savings until you have the grant of probate documents - catch 22.
Also house prices vary from month to month especially in this uncertain climate and in London so the chances of having an accurate estimate when evaluating the estate is remote.0 -
Fees are at the applicAtion dare. Estimates of estate values can always be adjusted later if hey affect IHT.Alan_the_old wrote: »At what point do these fees apply?
When probate is requested and granted or when the final value of the estate is known and ready to be paid out?
Intially the estate value is a guesstimate as some institutions do not tell you the value of a policy or savings until you have the grant of probate documents - catch 22.
Also house prices vary from month to month especially in this uncertain climate and in London so the chances of having an accurate estimate when evaluating the estate is remote.0 -
Alan_the_old wrote: »
Intially the estate value is a guesstimate as some institutions do not tell you the value of a policy or savings until you have the grant of probate documents - catch 22.
Also house prices vary from month to month especially in this uncertain climate and in London so the chances of having an accurate estimate when evaluating the estate is remote.
Well I've never had this
I write off a formal letter to each financial group enclosing an original of the death certificate and wanting details of all accounts the deceased held in the group, the valuation of each as of the date of death for estate valuation and also the income accrued from 6 April to the date of death for the final income tax calculations - and I get it each time.
As to house valuation - you employ an certified RICS qualified surveyor to give you a definitive valuation of the property as of the date of death, No, that is not a general estate agent though the larger estate agents may have a RICS qualified individual on their staff - simple.
Job Done:0 -
From the MSE item under discussion:
The changes are only planned for estates in England and Wales, as Scotland and Northern Ireland have different probate fees.
As is made clear in the MSE "Guide to Probate", there is no such thing as "probate" in Scotland, which has its own (different, and quite separate) civil and criminal justice systems.
In Scotland, "confirmation" is granted by the local Commissariot - a function of the Sheriff Court.0 -
Thank you to MSE!
My Dad died in December sadly and I had been putting off probate a bit as I'm currently in the process of buying a house. This has spurred me to get on with it now!0
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