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Stealth Tax Probate Fees Proposal Scrapped!

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After nearly a year of debate and delays, a positive decision has finally been made regarding Probate fees. Probate is an important step to getting control over someone’s estate after they pass away. The proposal to charge Probate fees on a sliding scale instead of the current flat rates would have detrimentally affected almost 300,000 people. As these fees would not have reflected the administration costs of obtaining Probate, it led to them being referred to as a ‘Death Tax’.

The Law Society referred to the proposals as an ‘unfair way to squeeze money out of vulnerable families’. Thankfully, Justice Secretary Robert Buckland has decided that although fees are important to ensure that the courts can run effectively, the fees must be ‘fair and proportionate’. Instead of introducing a sliding fee, there will now be a wider review of court fees, which will take place imminently.

It is worth keeping in mind, however, that even though the proposal has been scrapped the costs associated with a loved one passing can build up. These often-unexpected costs are why we have started advising our clients about the importance of setting up a Probate Trust. If you want to ensure that your funeral costs, Probate costs, etc. will be covered without unnecessary financial strain on your loved ones, speak to an adviser to see if setting up a Probate Trust could be the right thing for you.

Redwood Financial is a leading Wills, Trusts & Estate Planning provider and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning, Lasting Powers of Attorney, Probate, Pensions, Savings & Investments, we can advise on any situation.

Come along to one of our FREE Public Seminars on Wills, Trusts & Estate Planning. Book online at Book Me A Place!

Call us on 01489877 547 or Email info@redwoodfinancial.co.uk

Jasmine Lambert Chartered Financial Adviser in Southampton
Jasmine Lambert

Jasmine has been a qualified Financial Planner since 2008. She has also been a member of the Society of Will Writers since 2012. She is passionate about helping Clients build their wealth and achieve the financial lifestyle they desire. Her areas of expertise are that of Savings, Investments, Pensions and Retirement Planning.

Redwood Financial is one of the south’s leading Investments, Pensions, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning, Lasting Powers of Attorney, Probate, Pensions, Savings & Investments, we can advise on any situation.
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Please Note Office Closed

Our office will be closed all day on Thursday, 26th June, due to essential power supply maintenance being carried out by Scottish Power in the area.

While we won’t be in the office, the Team will still be working from home and checking emails throughout the day. Our main phone line will be diverted to the Team.

We’ll be back in the office as usual on Friday, 27th June.

We apologise for any inconvenience this closure may cause. Thank you so much for your patience and understanding. We truly appreciate it!

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