Dealing with the death of a loved one is always difficult. At this time, finances are usually the last thing you want to consider. However, probate fees – which are necessary to apply for probate and start administering the estate – are often something that need to be thought about. Here is everything you need to know about probate fees…
What Are Probate Fees?
Probate is essentially the process of dealing with the estate of someone who has died. It involves various legal and financial elements, one of which is distributing the assets of that person according to their will. In the will, an executor should have been named. This person will be in charge of handling the estate, but in order to do so they require a grant of probate. If the person died without a will, a grant of letters of administration will be needed. There is a fee for applying for both of these.
In addition to this, if you choose to have the probate process handled by a professional, such as a solicitor, there will be a fee associated with this work too.
Probate Fees Breakdown
Each case will be different but, in general, probate fees are as follows:
- Applying for a grant of probate costs £215 for individuals or £155 if filed by a probate solicitor (as long as the estate is worth over £5000).
- Solicitor fees. These will vary from solicitor to solicitor, but it is important to look for a firm that is upfront and clear about the fees that you will need to pay. They can be fixed cost, hourly or a percentage of the estate.
- The cost of copies of the grant of probate – these are £1.50 each.
- Land registry fees and searches (such as bankruptcy and ID) – these will vary from estate to estate but may come to around £20.
- Section 27 notice which costs £150-£300. This is the placing of an advertisement in the London Gazette and a local newspaper informing potential creditors that the estate is being administered. Although it isn’t a legal requirement, it does protect from potential liability in future if a creditor comes forward.
- There may also be other fees such as accountant fees and asset tracing fees.
Who Pays The Fees?
Any probate fees come out of the estate before it is distributed to the beneficiaries, along with the cost of the funeral. It is, therefore, a balance between keeping costs low for the benefit of the beneficiaries, and ensuring that probate is completed correctly and legally to avoid any future issues.
Finding A Solicitor To Help With Probate
At Beeston Shenton, our Wills & Probate Team are experienced in all elements of probate. Our fees are clear and laid out on our website, with a fixed price for handling probate applications and an hourly charge for the administration of estates. With offices in Newcastle-under-Lyme and meeting rooms in Sandbach and Knutsford, we are accessible from across Cheshire and Staffordshire. If you would like to find out more about our probate fees, you can contact us today.