An update on rising probate fees
Probate fees update
The House of Commons has approved (albeit by a small margin) to progress the order to give a banded fee structure for grants of representation, instead of the current flat fee across the board, regardless of the value of the estate.
It has been indicated that the new banding of fees is going to come into effect in April, albeit the precise date has not been confirmed. It has also been indicated by Parliament that where a personal representative does not have sufficient funds to cover the probate fee, the probate service will write to the bank or building society to explain the assets are required to pay for the fee. In cases where there are insufficient cash assets to pay the fee, the personal representatives will be able to apply for a limited Grant for the sole purpose of paying the probate fee.
Despite concerns being raised that this is yet another tax being introduced, Parliament has maintained that the fees are required to maintain effective operation of the court service.
This is another reminder for all executors to try and ensure that their probate application is submitted in a timely fashion to avoid paying the increased fee.
For more information about probate, please contact our probate team.
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