Probate charges to hit policyholders

Thursday, 28 July 2016 00:00

The Isle of Man Government has introduced a change to probate charges.

It aims to reduce fees to a maximum of £250 for non-resident applications, where the only asset is a life assurance policy.

In 2013 the Island increased all probate fees from a maximum of £650 to £7,500 for estates over £1 million.

Canada Life's Neil Jones explains what this means for residents who are policyholders:

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