The Government has proposed a new fee structure for Grant of Probate applications. These fees are paid on the date the Probate application is made. Payment for the application can be taken out of the Estate of the deceased or recovered from the Estate once Probate has been granted.
This article will provide you with information as to the process of applying for a Grant of Probate and what the current and new fee structure will be.
What is a Grant of Probate?
The Grant of Probate is a legal document which gives the Executor(s) named in a Will or an Administrator (where there is no Will) the authority to manage the Estate of the deceased. The Grant can only be applied for by the Executor or Administrator.
How can you apply?
In order to apply for the Grant, you will need to have the following in place:
- Provide an Inheritance Tax Form which would set out a breakdown of the deceased's assets and debts. Please note that Inheritance Tax of 40% will only have to be paid to HM Revenue & Customs if the Estate is valued over £325,000. However please note that in some situations Inheritance Tax can be exempt.
- An Oath sworn by the Executor or Administrator. The Oath is formal confirmation that you are entitled to make the application for Probate.
- The original Will of the deceased (if there is one).
- The deceased's death certificate.
- A cheque for the probate fee.
A letter must be sent to the Probate Registry with the above enclosed.
The current fee system
The current probate fee system is as follows:
- If the deceased's estate is over £5,000 (less any debts and funeral costs payable), then the standard rate is £215 for probate applications made by an individual.
- If the application is made by a solicitor, the fee will be £155.
The Government's proposals
Under the new system, the probate fee payable will depend on the value of the estate. The proposed fees are set out as follows:
Value of Estate
Proposed Probate Fee
Estates valued up to £50,000
Estates valued from £50,000 to £300,000
Estates valued from £300,000 to £500,000
Estates valued from £500,000 to £1 million
Estates valued from £1 million to £1.6 million
Estates valued from £1.6 million to £2 million
Estates above £2 million
No set date has been put forward for when the above fees are to be put into place however, your solicitor will advise you of this.
If you have any questions regarding the process of obtaining a Grant of Probate or administering an Estate, please do not hesitate to contact us.