Trusts Guide
Many people use a trust to reduce inheritance tax, if you put an asset into a trust you no longer own it, so depending on when you die your beneficiaries may no..link
Probate fees.
From May 2017 probate fees are set to dramatically increase.
In a move designed to raise money for the Exchequer, with estates over £2 million seeing the probate fees rise from £215 to £20,000.
The fees to apply for probate, if applied for by a solicitor, are presently £155 or by anyone else £215, irrespective of the size of the estate.
The new fees are based on the size of the estate and are in addition to inheritance tax, which presently stands at 40% on assets over the £325,000 0% threshold.
New probate rates.
Value of estate
Up to £50,000 - £0
£50 - £300,000 - £300
£300 - £500,000 - £1.000
£500,000 - £1,000,000 - £4,000
£1m - £1.6m - £8,000
£1.6m - £2m - £12,000
Above - £20,000
The rise comes despite a public consultation which overwhelmingly opposed the rises; a spokesman for the government defended the rise stating they were necessary to fund the court system.
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