Manchester: 0161 342 1409 or London: 0203 389 8469
A controversial increase in probate fees is due to come into force from April 2019.
The current cost for fixed fee probate applications is £155 (if an application is made through a solicitor) or £215 for a personal application. However, the Government proposes that from April 2019 the fees will be graduated depending upon the value of the estate.
The change is due to come into effect sometime in April 2019, although no date has yet been given for its introduction. The Government has said that it will publish guidance on the ways for personal representatives to pay for the proposed increases before the changes are introduced.
The best way to explain the old-fashioned word ‘Probate’ is to describe it as a Court Order called a Grant of Representation. Once issued this gives you the power to deal with the affairs of a deceased person.
This description would make the Probate process much less confusing - indeed, this is probably the only time in law when using more words helps! So it’s as simple as that. “getting probate” means obtaining a Court Order so that you can step into the shoes of someone who has died so that you can sort their affairs out.
The Executor or Administrator of a person’s estate will usually apply for Probate.
Inheritance Tax is a tax that is paid on the value of an estate over a certain threshold. The government sets this level, and it depends on who’s in power at the time and their attitude to inherited wealth that determines what the threshold will be.
The basic Inheritance Tax threshold is currently £325,000 per person as of April 2016. The Inheritance Tax rate is 40% of the value of your estate above this threshold however there are certain factors which can affect the amount to be paid.
A Will is a legally binding document that gives clear instructions on how you want your estate (property, assets, money etc.) to be managed after you die.
It includes elements like who will administer your estate, how your family will be cared for and helps you to acknowledge the people in your life when you’re no longer around.
Call: London: 0203 389 8469 or Manchester: 0161 342 1409 for more information.
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