Probate, Uncategorized

The Government unleashes new plans to increase Probate fees

What are Probate fees?

When someone dies and leaves an estate, an executor or a personal representative will need to collect in all of the deceased’s assets and administer the estate. Depending on the assets, in most cases, the executor or personal representative will have to obtain a grant of representation to allow them to release monies from the deceased’s accounts with banks, building societies etc.

At the moment, if an estate is above £5,000, the fee to obtain a grant is at a flat rate of £215 if applying in person, or if you apply through a solicitor, £155.

What is changing?

The threshold at which you’ll need to pay probate fees is set to be lifted to estates over £50,000. So, if an estate is valued at less than £50,000 you will not have to pay a fee.

If your estate is worth more than £50,000, then fees will depend on the amount the estate is worth:

  • Estates worth from £50,000 up to £300,000 will pay £250, a rise of £35.
  • Estates worth from £300,000 up to £500,000 will pay £750, a rise of £535.
  • Estates worth from £500,000 up to £1 million will pay £2,500, a rise of £2,285.
  • Estates worth from £1 million up to £1.6 million will pay £4,000, a rise of £3,785.
  • Estates worth from £1.6 million up to £2 million will pay £5,000, a rise of £4,785.
  • Estates worth more than £2 million will pay £6,000, a rise of £5,785.

When is this happening?

The Government has stated the proposed changes will happen in April 2019.

Contact us for further information

If you’re an executor or a personal representative and are handling a large estate, it is advisable to obtain a grant before the new changes are in force – we can help with this.

To speak with one of our team at Morrish Solicitors LLP who specialise in this area, please contact us.

Pudsey Office:

Christina Taylor and Kiran Chana

9 Lowtown, Pudsey, LS28 7BQ

033 3344 9606 (Local Rate)

Yeadon Office:

Tom Morrish and Monika Volsing

61 High Street,Yeadon, Leeds,  LS19 7SP

033 3344 9609 (Local Rate)

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