When a loved one passes away, the personal representatives might need to apply for a ‘grant of probate’ or ‘letters of administration’ to enable the administration of the deceased’s estate.
A grant of probate/letters of administration gives the personal representatives the authority to carry out the wishes given in the will, close any bank account, deal with any property interested and administer the estate generally.
Unfortunately the cost of obtaining grant of probate/letters of administration looks set to increase very dramatically. With the proposals which are set to be introduced in April 2019 (date to be confirmed), it is estimated that the cost of obtaining a grant of probate/letters of administration will increase from a flat fee of £155 to £6,000 in certain circumstances.
This is not the first attempt by the government to increase the probate fee. Last year the government attempted to increase the probate fee to £20,000 in certain circumstances.
The below table shows the proposed revised probate court fees:
HEALTH WARNING:
Value of estate (before inheritance tax) | Proposed Fee |
Up to £50,000 or exempt from requiring a grant of probate | £0 |
£50,000 - £300,000 | £250 |
£300,000 - £500,000 | £750 |
£500,000 - £1m | £2,500 |
£1m - £1.6m | £4,000 |
£1.6m - £2m | £5,000 |
Above £2m | £6,000 |
In light of the upcoming fee increase, we strongly recommend that anybody who has recently suffered bereavement considers applying for a grant of probate/letters of administration BEFORE THE END OF MARCH 2019.
Our team of solicitors would welcome the opportunity to review your situation and discuss your personal circumstances with you. For more information please contact: please contact Alexander Mahdavi by email on amahdavi@jpclaw.co.uk or telephone on 0207 581 7505 or connect with him on LinkedIn.
This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice.
