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From a hike in probate fees, to an emergence of the ‘inheritance assumption gap’, our fortnightly news round-up looks at the latest developments likely to affect the over-50s.
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The court fee for applying for a Grant of Probate or Letters of Administration has risen sharply, from £300 to £526, for estates valued at more than £5,000.
A Grant of Probate is the legal document that confirms the authority of the executors named in a will to deal with the deceased’s estate.
If someone dies without leaving a valid will, the court issues Letters of Administration, giving the appointed administrators the legal authority to administer the estate.
In many cases, banks and other financial services providers require a Grant before they will release or transfer assets. Once the Grant has been obtained, personal representatives can continue with the formal administration of the estate.
The hike in fees came into force on 13 July 2026. From the same date, the cost of ordering additional sealed copies of the Grant as part of the application was reduced significantly, from £16 to £2 per copy.
The changes, which form part of a wider set of reforms to court and tribunal fees, mean that the cost of administering an estate will rise for many families.
Sarah Coles, head of personal finance at AJ Bell, said: “Having to pay a fee for probate is bad enough, given it creates an endless pile of ‘sadmin’ for those you leave behind, so a 75% hike in the fee is adding insult to injury.
“For those who can’t afford it, there’s a Help with Fees remissions scheme, to cover the cost. For everyone else, this is one more horrible hoop to jump through that makes the paperwork and processes after death such a nightmare.”
Grandparents are increasingly stepping in to meet higher education costs as frustration grows with the UK’s student loans system, an analysis has found.
Nearly seven in ten parents (69%) expect to meet at least half of the total cost of university, according to research from financial planners Rathbones. More than one in seven (15%) anticipate paying all, or almost all, the costs themselves.
But Rathbones said that not all the financial burden is falling on parents alone. Nearly two-thirds (65%) added that grandparents contribute, or are expected to contribute, towards education costs either regularly or occasionally. The company added this highlights the growing role of intergenerational wealth in helping fund education.
The findings come amid renewed discussion around the long-term burden posed by ‘Plan 2’ student loans and their impact on people’s finances long after they have left university, with the government recently confirming a 6% cap on interest rates.
Charlotte Kennedy, chartered financial planner at Rathbones, said: “Funding university is increasingly becoming a family affair, with the ‘Bank of Grandma and Grandpa’ stepping in when the Bank of Mum and Dad is feeling the strain.
“For grandparents in particular, contributing towards university fees can be a meaningful way to support the next generation, helping to reduce or even avoid the burden of student debt that might otherwise follow them well into adult life.”
Millions of people could be planning their retirement based on false inheritance assumptions and without broaching the subject of financial legacies.
The warning comes in a ‘Psychology of Retirement’ study carried out by the money management app Moneybox. Research carried out by the company found that one in five adults (20%), or roughly 10 million UK adults, expect to use inheritance to help fund their retirement.
But, despite these intentions, Moneybox says that many people have no knowledge of what this inheritance could amount to or, indeed, whether they will receive anything enabling them to set their plan in train.
With those expecting an inheritance anticipating an average payout worth £56,535, Moneybox suggests that an ‘inheritance assumption gap’ is “quietly forming” across the UK that could leave millions of retirement plans “in tatters”
Bryan Byrnes, director of personal finance at Moneybox, said: “For many families, retirement has become the conversation nobody wants to have.
“The problem is that avoiding the conversation doesn’t make the challenge disappear. In fact, it can leave people sleepwalking towards one of the biggest life transitions they’ll ever experience without a clear plan.”
Staying with inheritance , most over-55s continue to favour passing on wealth after death, despite widespread experience of family conflict caused by this approach.
Research from benefits advisers Mattioli Woods found that being party to inheritance disputes has failed to encourage a significant shift towards gifting wealth during people’s lifetimes.
Passing on assets through an estate remains the preferred approach for most over-55s, while combining lifetime gifts with inheritance is the second most popular strategy.
According to the findings, only a minority of people intend to transfer most of their wealth before they die.
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