A new tier system could be introduced based on the value of the deceased's estate.
At the moment, probate fees are set at £215 per each application, no matter what size the estate in question is. However, this all looks set to change because the government is suggesting that a new tiered system be brought in for probate fees in England and Wales.
Instead of having a flat fee, probate will be based on how much the deceased’s estate is worth. What this means is that estates that have a value below £50,000 would be exempt from probate fees entirely, meaning that around 30,000 estates each year would escape these charges altogether.
For those estates that are worth more than £50,000 the fees would climb as the estate value gets higher. For example, estates that are worth more than £50,000 but under £300,000 will face a probate fee of £300. And those that are worth over £300,000 but less than £500,000 will pay a fee of £1,000.
If you want to save a bit of money, you can sort out probate yourself – but bear in mind that it’s a long and arduous process so you may want to hire a probate lawyer to help you instead. If you are intent on trying to go it alone, however, you’ll need to complete a probate application form as well as an inheritance tax form, and swear an oath at either a local probate office or the office of a commissioner for oaths.
Should you decide, however, that you do need a bit of help come and see Cheshire wills and probate experts QualitySolicitors Belshaws.