Grieving families are facing a significant increase of 75% in probate fees starting next month. Probate grants the legal authority to manage someone’s estate, including their property, finances, and belongings, upon their passing.
The current application fee for probate is £300, but it is scheduled to rise to £526 on July 13, pending approval by Parliament. The Ministry of Justice explained that the fee adjustment aims to cover the costs of enhancing services, accounting for inflation, and investing in efficient and modern service delivery.
The cost of probate was last raised in May 2024, climbing from £273 to £300. Individuals can apply for probate if they are named as executors in a will or, in the absence of a will, the closest living relative can initiate the process.
Generally, probate is required for estates valued above £5,000, although this threshold may vary based on the financial institution holding the assets. In cases where assets are jointly owned, they automatically transfer to the surviving owner.
In the absence of a will, assets are typically distributed according to the rules of intestacy. In England and Wales, spouses or civil partners inherit the initial £322,000 of the estate. Amounts exceeding this threshold are divided between the surviving spouse and children.
Different rules apply in Scotland and Northern Ireland regarding inheritance. For individuals interested in creating a will, there are cost-effective options available. Free Wills Month occurs in October and March, offering complimentary will drafting services in select locations.
Another initiative, Will Aid, runs nationwide in November, requesting a charitable donation in exchange for will drafting services. The suggested donation for a single will is £120, while for a mirror will, it is £200, although lower donations are also accepted.