Government Plans Probate Fees Increase
Government has indicated plans to change probate fees which mean that some people will pay significantly more and some people will pay nothing at all.
At the moment families applying for a grant of probate play a flat fee of £215.00 if they apply for probate direct of £155.00 if they apply through a solicitor provided the estate is valued at more than £5,000.00. This threshold is set to increase in April 2019 meaning that if the estate is under £50,000.00 in value you will not pay any fee at all.
If however the estate is worth more that £50,000.00 the fee will be significantly higher. See the breakdown below.
What are the Fees?
- The level of the fee will depend on the value of the estate; Estates worth less than £50,000 will pay nothing meaning the estates worth between £5,000 and £50,000 will save £215.00.
- Estates worth from £50,000 to £300,000 will pay £250 a rise of £35.
- Estates worth £300,000 to £500,000 will pay £750 a rise of £535
- Estates worth £500,000 to £1 million will pay £2500 a rise of £2285
- Estates worth 1million to 1.6 million will pay £4000 a rise of £3785
- Estates worth 1.6 million up to 2 million will pay £5000 a rise of £4785
- Estates worth more than 2 million will pay £6000 a rise of £5785
The above fees are the probates Courts administrations fees not the cost the solicitors will charge with assisting or administering the estate.
What is probate?
When someone dies and leaves property money and possession known as their estate the executor of their will need to sort out who gets what and arrange to collect in assets and make payments. If the deceased person left a will that executor has to apply for a grant of probate, if there is on will then the next of kin must apply for grant of letters of administration.
The executor or next of kin will then be given a grant of either of probate or grant of letters of administration which gives them legal authority to administer the estate. This document Court Order can be then used to collect in assets i.e money in bank accounts, sell property, pay bills and distribute monies left over. If you need assistance with regards to probate administration we would be happy to provide the same. Please contact our Kerry Davies on 01524 39760.