The Government has announced changes to probate fees to take effect from April 2019 . This will mean some will pay almost £6,000 more – but for estates worth less than £50,000, you won't pay anything at all.
In England and Wales, probate fees will now be paid as a sliding scale based on how much the estate is worth, rather than as a flat fee.
At the moment, there is a flat fee of £215, or £155 if they apply through a solicitor, on estates over £5,000.
This threshold at which you'll need to pay probate fees is to rise to £50,000 from April 2019 which, according to the Ministry of Justice, means an extra 25,000 estates per year won't pay any fees at all.
But if the estate's value is higher than this, there is an increase in probate fees and estates worth between £50,000 and £300,000 will be charged £250, while the maximum charge is £6,000 for estates worth £2 million or more.
These changes will only apply to estates in England and Wales
What are the changes?
The fees will depend on the amount the estate is worth:
- 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.