Probate fees set to Increase in 2019
In April 2019, the UK Government will implement new increased probate fees upon the estates of the deceased, causing outrage nationwide.
The new fees will be paid on top of the initial ‘inheritance tax’ and shall be applied only to those estates which are estimated to worth over £50,000.00, with the maximum charge being £6,000.00
Due to the increase, many lawyers are fearful that this will deter clients from wanting to write wills and leave their assets to delegated people legally after their death. This means that many wealthy clients may seek to decrease their estate before death, so as to avoid the increased fees.
Alternatively, many may now seek the option of using the ‘survivorship rules’ of joint property and bank accounts, while automatically transfers property onto delegated individuals after death, rather that via the use of will writing.
Although this may seem like a more plausible option, it is like to cause family turmoil as it is likely to lead to vast inequality to the delegation of property within family, and unlikely to truly reflect the desires of the deceased of where their property should go after death.
Some have also criticized the UK Government for ‘sneaking in’ the increased fee, which was not susceptible to Parliament scrutiny before being passed and therefore is predicted to have a broader impact than expected, once implemented in April this year.
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