As you have no doubt picked up from media articles over the last few months, the Government is implementing a change to the fees for obtaining the Grant of Probate. Historically, the cost has been fixed at £155, but from 6th April 2019 there will be a sliding scale of fees that relate to the value of the estate. It is expected that the fees will be calculated as follows:
- For estates worth up to £50,000 – there will be no fee
- For estates worth £50,000 to £300,000 – the fee will be £250
- For estates worth £300,000 to £500,000 – the fee will be £750
- For estates worth £500,000 to £1million – the fee will be £2,500
- For estates worth £1million to £1.6million – the fee will be £4,000
- For estates worth £1.6million to £2million – the fee will be £5,000
- For estates worth more than £2million – the fee will be £6,000
With this knowledge, it is even more important to mention the typical costs of ‘Estate Administration’ of which ‘Probate’ is only a part.
How estates are charged varies so much, it is best to shop around. Sussex Will Writers work in conjunction with Assured Probate Services to offer what we believe to be a comprehensive and cost-effective solution with a fixed fee typically of just 1% of the estate value.
The new government fees are fixed and non-negotiable. They are in my view seriously expensive, with no relevance to estate complexity only the size. An estate with one house worth £1million, would have a probate application fee of £4,000.
An estate with two houses, investments, shares, ten bank accounts, IHT issues and possibly shares in the USA, would be extremely complicated and if only valued at £490,000 that’s just £750.00.
If you have any queries, please feel free to call.