What are the Probate Court Fees Now?
The Court Fees for Probate had been set at a relatively modest £155.00 (no VAT) but had been set to increase on a sliding scale from 01st April 2019. Due to Brexit, amongst other reasons, these increases in the Probate Court Fees have been delayed. The imminent threat of rising fees has, however, had a significant impact on the amount of time it takes to obtain a Grant of Probate (see our other blog post on current delays at the Probate Registry).
How much are the Probate Fees set to rise by?
- Estates worth less than £50,000 will pay nothing, meaning estates worth between £5,000 and £50,000 will save £215 compared to the current system.
- 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 will the Increased Probate Fees come into effect?
It is not yet known when the increased fees shall come into effect. This is thrown unto further uncertainty with the recent resignation of Mrs Theresa May and the turmoil surrounding Brexit. There is even a chance that the new fees will not come into effect at all.
What does this mean for those applying for Probate?
If you are currently dealing with, or looking to deal with, the Estate of a deceased relative, then it is important that your application for a Grant of Probate is made as soon as possible. Firstly, there are anyway now considerable delays in terms of having the Grant returned by the Probate Registries, which can cause significant problems for an Estate, particularly when a house sale is involved. Secondly, if the Estate is worth £50,000 or more, a swift application is likely to save the Estate money and, in some cases, more than £5,500.
If you would like assistance obtaining the Grant of Probate, and ensuring that the application is made as swiftly as possible, then get in touch with Goodwills today on 01234 802 391 or firstname.lastname@example.org