When someone dies leaving assets in their sole name it is often necessary to apply for a Grant of Probate to enable their family to deal with their bank and building society accounts, their property and any other assets.
Whether a Grant of Probate is necessary depends on the value of the assets a person has in their sole name when they die. Currently around 50% of estates will require a Grant of Probate.
Currently no fee is payable if the estate is less than £5,000. For estates where the net assets exceed £5,000, a flat fee of £155 is payable if a solicitor is used to assist in making the application to obtain the Grant of Probate and a fee of £215.00 is payable if an application is made personally. However, things may be set to change with the government proposing a rise in the fee, payable up to £20,000 in some cases.
These proposals will be good news for some, with all estates worth less than £50,000 becoming exempt from the fee altogether but for anything worth more than £50,000 there is set to be a dramatic increase in the payable fee.
At present, it is proposed that the Probate fee will be paid on a sliding scale, depending on the value of the estate as follows:
- Estates worth between £50,000 and £300,000 – £300 fee
- Estates worth between £300,000 and £500,000 – £1,000 fee
- Estates worth between £500,000 and £1,000,000 – £4,000 fee
- Estates worth between £1,000,000 and £1,600,000 – £8,000 fee
- Estates worth between £1,600,000 and £2,000,000 – £12,000 fee
- Estates worth over £2,000,000 – £20,000 fee
The consultation closes on 1st April 2016, so we will have to wait and see whether the proposals come into effect.
Contact Us TodayWe're here to help.
Call us on 0845 050 1958