Huge savings are being predicted for thousands of Jamaicans conducting estate and probate matters, following Thursday's announcement by Finance Minister, Audley Shaw.
Mr. Shaw outlined a revamping of the fee structure in exchange for a flat rate effective May 16.
The stamp duty on probate and letters of administration for applications filed before April 27, will now be $5,000.
Estates with a net value of $10 million or less will also attract a $5,000 fee, while estates valuing between $10 million and $20 million will cost $10,000.
Attorney-at-law Clive Munroe says the move is significant.
“If you were looking at an estate of about $10 million the stamp duty alone could be as much as $300,000 with the new regime it could be a flat fee of $5,000 and you are comparing that flat $5,000 with nearly $300,000. It is extremely significant,” Mr. Munroe said.
However, Mr. Munroe expressed concern about the massive backlog of probate and estate administration matters that need urgent attention.
He expects the system to face more challenges as an increased number of persons will now be going ahead with their estate transactions.
“I suspect very much that in regard to the new regime a number of persons who had previously said they were not going to bother to deal with the administration of this estate will begin to come forward because it is now so much more attractive to do,” he said.
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