The cost of grant of probate in the UK can vary depending on various factors such as the value and complexity of the estate. Probate is the legal process of administering the estate of a deceased person, which typically involves distributing their assets according to their will or the law if there is no will. As of last update in January 2022, the cost of a grant of probate in the UK is determined by the size of the estate.
- Estates valued below £5,000 are usually exempt from probate fees.
- For estates valued between £5,000 and £50,000, the probate fee is £273
- For estates valued above £50,000, the fee increases incrementally, reaching a maximum of £6,000 for estates valued at over £2 million.
- However, it’s important to note that these fees are subject to change, and it’s advisable to check the current fee structure with the Probate Registry or a legal professional.
In addition to the probate fees, there may be other costs associated with obtaining probate, such as legal fees if you choose to use a solicitor to assist with the process. Solicitors typically charge either an hourly rate or a fixed fee for their services, depending on the complexity of the estate and the level of assistance required.
It’s also worth considering any inheritance tax implications, as this can affect the overall cost of administering the estate. The rate of inheritance tax is 40% on the portion of the estate above this threshold.
The cost of obtaining a grant of probate in the UK can vary depending on the size and complexity of the estate, but it’s important to budget for probate fees, legal fees, and any potential inheritance tax liabilities. Consulting with a legal professional can help ensure that you understand and navigate the process effectively.