Those who live in England and Wales could face a rise in probate fees if the proposed reforms take place.
Families who have lost loved ones could see their probate fees rise from £215 or £155 if a probate application is made through a Private Client Solicitor.
These fees currently apply to any estate which has a value of £5,000 or more, with an estate worth less than £5,000 being exempt from any probate fee.
The changes may yet be delayed, however, the reforms could result in the following changes to fees:
- Estates worth under £50,000 will not face any probate fees
- Estates worth £50,000 – £300,000 will be charged £250
- Estates worth over £2 million could face a maximum charge of £6,000
Therefore to avoid the price increase it is advised that you apply for probate before April.
What is probate?
Probate is the legal process that must be followed when dealing with the possessions, property and financial assets (including money) of a person who has passed away.
Following the death of an individual, the person appointed to deal with the estate, otherwise known as the Executor, or the next of kin, may wish to sell, transfer or distribute assets, however before they can do this they must apply for probate.
In laymen’s terms, being granted probate equates to receiving permission to carry out the wishes laid out in a person’s will.
If an individual dies without making a will, then they are termed as dying intestate. In this case, a separate set of rules and regulations will apply to those tasked with carrying out the wishes of the deceased.
When do you need to apply for probate?
In England and Wales, you must apply for Probate when the person who has died has left any property including buildings or land, or monetary assets valued at £15,000 or more.
What can I do before the fees are increased?
The new banded fee structure has not yet been agreed and the process of implementing the new probate fees is yet to be approved by Parliament, as such no specific implementation date has been set.
If you are in a position where you must seek a grant of probate, it is wise to do so as soon as possible in case you are affected by the rise in fees.
If you are in need of advice about any aspect of the probate process, our team of Wills, Trusts and Probate Solicitors are here to help.
Our team are specialists in their field and are led by Heather Gaunt, a member of the Society of Trust and Estate Practitioners (STEP).
We offer expert probate services and can assist with the process of administering an estate.
If you’d like to arrange an appointment to discuss a matter relating to Wills, Trusts or Probate, please contact our team today on 0800 1979 345 or complete our enquiry form by clicking here.
We offer a free initial consultation and we can also accommodate Saturday morning appointments.
