Inheriting a loved one’s estate is set to get more expensive for many from next month when the Government increases its fees.
The current cost of obtaining a ‘grant of probate’ – the document needed in order to take over an estate – is £155 when made through a lawyer, but could rise to as much as £20,000.
Whilst those dealing with estates worth less than £50,000 will benefit from no longer having to pay a fee, estates over that will be subject to substantially higher fees than before as shown in the table below.
In light of the new fees, executors dealing with estates worth over £50,000 should consider applying for a grant as soon as possible to avoid the risk of paying a higher fee. Our experienced wills, tax, trusts and probate, are available for an informal, no obligation discussion with anyone who thinks they may be affected by the changes, whether as an executor or a beneficiary.
It is important to note that even those not dealing with an estate at present could be affected in the future. In the same way that many people are now wise to arranging their assets in a way which is tax-efficient or will mitigate the risk of all of their assets being used to pay for care, many will now be considering whether there are steps they can take in their lifetime to try to avoid their loved ones having to pay substantial fees to get a grant.
Whilst most people will be keen to review how the fees will affect them and their families, those who are likely to be worst affected by the changes are those who are asset-rich and cash-poor. It is therefore important to take advice on your particular circumstances to make sure you are planning appropriately for the future.
Our approachable and knowledgeable team of lawyers have extensive experience in this area and would be more than happy to help you. If you wish to discuss your options with regard to making a will or discuss how we can assist in planning for later life, please do not hesitate to contact one of our specialist team in Cardiff on 02921 921 1818.