Probate is required for all but the smallest estates. Without it, executors aren’t able to distribute the estate of a person who’s passed away.
Here, we reveal how much it costs to get a Grant of Probate in England and Wales, and explain if there’s any way to beat the hike.
What is probate?
Technically, 'probate' refers to getting permission to carry out the wishes within someone's will, although the term also applies to the whole process of settling someone's estate.
If you're responsible for executing someone's will, there are specific rules that set out how you notify the authorities and distribute the estate.
For permission to manage this process, you'll need to apply for Grant of Probate, or Grant of Confirmation in Scotland.
A Grant of Probate is often requested by financial institutions to access bank accounts, sell assets and settle the debts of someone who has died. You’ll need to pay fees to get this.
Once it’s granted, the executor will have the legal authority to administer the deceased's estate in accordance with their will.
Find out moreHow much does probate cost?
Following the outcome of a consultation, HMCTS has increased probate fees from £273 to £300 in England and Wales.
HMCTS said court and tribunal fees were charged to ensure it has sufficient funding to deliver its services.
The government said the fee increase has been set ‘as an intention to recover the cost to HMCTS of providing its services’ and will contribute towards improving the service.
Copies of the Grant of Probate will continue to cost £1.50 each.
Find out more:What other court fees went up?
In total, 172 court and tribunal fees have gone up by 10%.
Notable fees include the probate fee paid when the estate is exempt from inheritance tax, now standing at £11 (previously £10), and the fee paid to HMCTS if you want it to store a will (£22 up from £20).
HMCTS decided against increasing the divorce application fee, due to consultation feedback, and it will remain at £593.
Feedback said that increasing it could impact access to justice, particularly on women as they are more likely to apply for divorce than men.
Find out moreCan you beat probate fee hikes?
Probate fees are unavoidable in most cases, but it’s worth noting that the fees can be reimbursed from the estate at a later date, so it shouldn’t leave the executor out of pocket.
However, there’s no probate fee due if the estate is worth £5,000 or less.
You might be able to qualify for this if you have a low income or are on certain benefits.
What's being done to tackle probate delays?
In fact, several responses to the latest consultation were against the increase, due to current service performance levels.
In response, the government said it recognised this and said delays increased as a result of above-average volumes of applications received since the pandemic.
It said in 2022 there were 292,303 applications – the highest volume on record in recent years.
On the consultation response, it added: ‘We are committed to improving the probate service and with these changes, expect improvements to continue.’
To tackle delays, the government has recruited and trained more staff to increase the number of grants being processed, and has changed its user guidance to support those completing applications for the first time.
Find out more:source https://www.which.co.uk/news/article/probate-fees-rise-are-there-any-ways-to-beat-the-hike-ayjpR4O4h0hL