Probate confirms that those who have amassed fortunes and wealth in the state of Connecticut will be due some less than exciting news. Connecticut has now become the most costly state to die within the United States. Hefty revised fess have driven the changes in respect of estate settlement officials confirm. Probate officials also warn some invoices could see $100k and in the case of a few estates £1 million. The maximum fee previously was typically $12,500.
The Democratic controlled legislature approved the amended fees which came in to force on the 1st July. The amendments to costs are also retrospective back to January 1st. Over a two year period the budget had all state funding to probate cut which totaled $32 million over a 2 year period. To claw back this deficit legislature removed the probate fees cap of $12,500 and doubled fees on those estates valued at $2 million to 0.5 % of their value. The majority of probate court filings have also been increased from $150 to $225. One Westport Attorney described the amendments as outrageous putting forward that typical fees would be upwards to $50,000.
The probate court system had surveyed all 50 states and had concluded that the fee of 0.5% on estates of under $2 million confirmed Connecticut as the countries highest. This surpassed the 0.4% levied by North Carolina and New Jersey. These figures confirmed by a spokesman for the probate court system. North Carolina’s maximum fee on probate fees was $6,000 while New Jersey had no cap on probate fees. It was also confirmed by the probate court system that numerous states didn’t levy fees on the total value of the estate. It was difficult to confirm those states with least costly probate costs due to policy and law. Probate costs can be avoided by the formation of trusts.
Connecticut also has a tax on estates valued at over $2 million. Then rates applied vary from 7.2% upwards to 12%. The probate fee increase was cited as difficult budget decisions.