Currently the probate registry fee is a standard fee of £155.00 (or £215.00 for personal applications) for all estates of all values whether they are worth £6,000 or £1,000,000.
This is soon to change as in May 2017 the standard fee process will be replaced with a sliding scale depending on the value of the estate. This means a larger estate could be liable for a massive £20,000 court fee as opposed to the current £155.00.
The only estates to benefit from this change will be estates worth £50,000 or less as there will no longer be a fee payable. Currently the only estates that are not liable to pay the probate registry fee are estates under £5,000. This threshold is largely being increased by £45,000.
However estate’s over £50,000 will suffer from a significant increase in the fees. Estates worth between £50,000 and £300,000 will be liable to pay £300 and estates worth between £300,000 and £500,000 will be liable to a £1,000 fee. This continues to increase as the value of an estate increases.
The proposals have attracted a lot of criticism but the effects of the new fees are yet to be seen.
If you would like to discuss the impact of this new proposal on your personal estate planning then please do not hesitate to contact our Wills and probate department for expert advice on 0175 321 6399.