Reasons to choose Wilson Browne
Late last year, the Government proposed an increase in Probate Fees for Spring 2019.
The increase would see Estates worth £50,000 or less not having to pay a fee at all however Estates worth £2 million or more would be paying a sum of £6,000 for the same identical sealed document.
What is a Probate Fee?
When someone dies it is common for the personal representatives of the estate to need to close an account with a balance of more than £5,000 or sell a property owned by the deceased. In these cases, you will need to obtain a Grant of Representation to prove to the bank or conveyancer that you have the legal authority to do so.
A Grant of Probate is issued when the deceased died with a valid Will and Letters of Administration are issued if the deceased died without a valid Will.
The probate fee is the fee that the Probate Registry charge to produce this document for you. Currently, it is a standard fee for any size estate of £155.00 if a legal professional applies for the Grant of Representation on behalf of a client or £215.00 if the personal representatives apply personally.
The charges are intended to be changed to:
Estates valued £50,000 or less will pay nothing.
Estates with a value between £50,000 and £300,000 will pay £250.
Estates with a value between £300,000 and £500,000 will pay £750.
Estates with a value between £500,000 and £1 million will pay £2,500.
Estates with a value between £1 million and £1.6 million will pay £4,000.
Estates with a value between £1.6 million and £2 million will pay £5,000.
Estates with a value over £2 million will pay £6,000.
Many personal representatives are pushing for applications to be made before the increase is implemented. Yet, personal representatives should be aware that any mistakes and misinformation provided to HM Revenue & Customs could have costly penalties which the personal representative could be personally liable for – not the Estate.