Probate fees go up – everything you need to know
The cost of applying for a standard grant of probate is to rise by 10% from £273 to £300 this month (1 May 2024).
At a time when it is taking longer than ever for probate to be approved – up to and over 16 weeks in many cases – the fee increase has been greeted with dismay by some who condemn it is unjustified and unfair.
Recent Freedom of Information data has revealed that the number of probate applications taking over a year to be granted has risen by 65% over the last three years.
Moreover, those taking just under two years has also risen by 65%.
However, the Ministry of Justice says the extra income generated will be used to improve the service and speed up processing times.
What is probate?
Probate is the legal right to deal with someone’s estate when they die.
If they have left a Will, this is done by the person or people named as executor.
It includes organising the deceased person’s money, assets and possessions and distributing them as inheritance after paying any taxes and debts.
You don’t usually have to apply for probate if your spouse or civil partner has died and you held any savings or property jointly.
What does the probate fee cover?
In England and Wales, the new increased £300 fee is a flat rate payable when you apply for probate on an estate of any size over £5000 regardless of whether you use a solicitor or do it yourself.
Why should I consider using a solicitor to apply for probate?
There are concerns that the fee increase will push more people into applying for probate without legal advice which can be risky.
There are a number of reasons why using a solicitor is beneficial and cost effective:
- They will ensure the correct figures are submitted in the probate application.
- They can take the burden off grieving executors, who may be feeling pressure from the beneficiaries of the Will, by calculating things like IHT and other fees which are important to get right.
- They are regulated and insured against errors, unlike an executor working alone.
- They can advise on whether tax savings can be made.
- They keep accurate records, vital for claiming certain allowances on the death of a second spouse for example and if the Will is contested.
In certain situations, you must get legal advice.
This includes when the terms of the Will are not clear, someone is likely to dispute the Will, part of the estate is likely to pass to someone under 18 or if the person who died left money or property in a trust.
The legal fees can be paid by the estate.
Get in touch
Wards Solicitors is once again recommended as a South West Leading firm in the Legal 500 list for 2024, praised for its exceptional professional service standards and high levels of technical expertise.
Our Wills and Mental Capacity Team is one of the largest in the region and vastly experienced. All our lawyers have extensive and specialist knowledge of probate applications.
In addition, most of our team members are fully accredited with Solicitors for the Elderly (SFE) and the Society of Trust and Estate Practitioners (STEP). Membership of these organisations ensures the highest standards of professionalism.
We offer a free initial appointment for you to discuss what you need and always provide clear cost details up front before starting any work.