Grieving families will soon face a substantial 75% increase in probate fees starting next month. Probate refers to the legal authority to manage someone’s estate, encompassing their assets and finances after their passing.
As of July 13, the current £300 probate application fee is set to escalate to £526 pending approval by Parliament. This adjustment, as stated by the Ministry of Justice, aims to cover the costs of an enhanced service, factoring in inflation and investments for improved efficiency.
Previously raised in May 2024 from £273 to £300, the probate cost has seen a notable surge. Executors named in a will or the closest living relative in cases without a will can apply for probate.
Typically necessary for estates exceeding £5,000, the requirement for probate varies based on the financial institution holding the assets. Intestacy rules come into play if no will exists, determining asset distribution.
In England and Wales, spouses or civil partners automatically inherit the initial £322,000 of the estate. Assets exceeding this amount are divided among the spouse and children. Half of the remaining assets go to the spouse, while the rest is equally shared among children and grandchildren.
Different regulations apply in Scotland and Northern Ireland. Those considering creating a will have access to cost-effective options like Free Wills Month in October and March, where solicitors draft wills for free in specific locations, often involving leaving a charity donation.
Will Aid in November, available across the UK, also offers will drafting services with a suggested donation. For a single will, a £120 donation is suggested, while for a mirror will, £200 is recommended, though contributors can opt to give less.
