Yes, as probate costs are not deductible from IHT.
IHT is a one-off tax paid on the value of your estate above a set threshold. Currently the set threshold is £325,000. If your estate is valued at more than £325,000 then you will have to pay 40% of the value of the Estate that exceeds this amount.
You fix the cost in advance, which will save your beneficiaries a significant amount of money at the time of your death. It will also take away the stress and burden of your loved ones having to apply for probate themselves at a difficult time.
Pre-Paid Probate is fixing the cost in advance to cover probate and the administration of your estate making the process much easier at the time of your death for your loved ones.
Probate is a legal process that allow an individual the ability to deal with your estate at the time of your death. The Executor of the Will must apply for a Grant of Probate first, which is a legal document that gives authority to deal with the estate. The whole process usually takes about 12 months to complete, however sometimes disputes between beneficiaries could delay the process.