The Law Society, with input from its Wills & Equity Committee, will be providing a response to the government’s proposals for reforming the fee payable for an application for a grant of probate, which could potentially leave £2m-plus estates with £20k probate fee.
The proposed fee regime will move from a flat to a banded fee approach, proportionate to, and rising with, the value of the estate, and at the same time will increase the value of the estate below which no fee is payable from £5,000 to £50,000, lifting some 30,000 estates out of paying any probate fee.
Current fees stand at £215 for individual applications, and £155 for those applying for probate through a solicitor.
It is expected that beneficiaries of estates worth more than £2m are to be hit the hardest, as the government bids to shift the burden of probate from the middles classes to very high earners.
The government is also considering whether grant of probate applications should be excluded from the fee remissions scheme and is seeking views on this issue.
The government estimates that these proposals would raise around an additional £250 million a year for the Treasury.
While this consultation to open to all lawyers to provide feedback, the Law Society, with input from its Wills & Equity Committee, will be providing a response to this consultation. We would welcome your comments via our Private Client Section LinkedIn group.