The Government has announced plans to increase the fee for a Grant of Probate in England and Wales.
As part of the process of administering a deceased estate, executors are commonly required to obtain a Grant of Probate. The Grant of Probate confirms their authority to act and gain control of the deceased’s assets.
A Grant of Probate is not required in every case; whether an application is necessary will depend on the assets in the estate.
Currently, the cost of applying for a grant is fixed at £155 if a solicitor makes the application. If the estate is less than £5,000, no fee is due. The fee is paid from the estate.
Under the new proposed structure, the court will calculate the fee on the value of the estate rather than the cost of delivering the service. Fees will range from £250 for estates worth between £50,000 and £300,000, to £6,000 for estates worth more than £2 million. Estates worth less than £50,000 will not need to pay a fee.
The Ministry of Justice has estimated that the proposed fees will generate over £145 million in additional fee income in 2019–2020.
The draft order is currently before parliament and will need the approval of both houses before it can become law.
If you are considering taking on the responsibility of administering an estate and require further information on the probate process, request our free probate guide or call us today.
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