Probate fees are due to go before the House of Commons Delegated Legislation Committee this week, as plans are set in place to dramatically increase them. The newly proposed fee structure will be for individuals obtaining a grant of representation, following the death of a loved one. If plans are agreed, fees across England and Wales could reach up to £6,000.
Probate fees are due to go before the House of Commons Delegated Legislation Committee this week, as plans are set in place to dramatically increase them.
The newly proposed fee structure will be for individuals obtaining a grant of representation, following the death of a loved one. If plans are agreed, fees across England and Wales could reach up to £6,000.
The new fees are due to be implemented in April 2019 and will be based on the value of the estate on a tiered charging structure. Currently, probate fees are a flat fee of £155 when using a solicitor or £215 when not, but these new plans could see those fees rise by more than 3,000% which is a massive increase with huge financial impacts.
These fees will also be in addition to any inheritance tax payable, adding yet another layer to the complexities of estate planning and administration. However, there is a benefit to these plans as any estate valued under £50,000 will not have to pay any fees at all.
What exactly is a Grant?
A grant is a legal document obtained by the Probate Registry which confirms that an executor has the authority to deal with the deceased person’s estate and assets. If there is a valid will, this is usually referred to as a grant of representation or a grant of letters of administration if there isn’t a valid will.
If you are at all concerned or would like to speak to our team about probate or estate matters, please call our Baker Street office on 01642 242666 who will be happy to help.
