New Flat Fee For Probate But Processing Time Is Much the Same

Probate is the legal right to deal with another person’s property, money and possessions after they have died. There are only certain people who are entitled to apply for probate. Who can apply depends on if there is a will present. If there is a will, executors who have been named in it may apply. If there is no will, the closest living relative to the deceased may apply for letters of administration which is similar to probate but a different name is used and it takes about the same time to process. It also attracts the same fee.

Before the process of probate or the letters of administration can begin, the fee needs to be paid. On 26^th January there was a fee increase for probate. The amount depends on the estate’s value. If the estate has a value of more than £5,000 £273 has to be paid for the application fee while £5,000 or less is not subject to any fee at all.

The fee used to be £215 but the government justified this fee increase by stating that it will ensure much shorter waiting times, fewer administrative and user errors making it an easier and much improved family experience. There is a scheme in operation called Help with Fees that provides part discounts or waives fees for anyone who is able prove that they do not have sufficient money to pay the fee. The applicant may also request a special waiver by applying to the Lord Chancellor.

Before filing an application for probate, you should first check to see if it is needed and if you are eligible to apply. You are also required to estimate and report the value of the estate to find out if there is any Inheritance Tax that needs to be paid.

Who needs probate?

This depends entirely whether the estate has a sole owner who is now deceased or if the estate was under joint ownership. In the former probate will probably be required as the personal representative will need to make sure that the assets are transferred to the correct beneficiaries. However if the land, money or shares were under joint ownership then the joint owner will automatically be the beneficiary of that aspect of the deceased`s estate.

If probate isn’t applied for but it should be, the deceased's assets cannot be accessed and the beneficiaries won’t receive their entitlements. Probate determines who has the legal authority to deal with the deceased person’s assets and without that name being confirmed no one can do anything with the assets. This includes closing bank accounts, transferring or selling property, transferring pensions and exchanging investments for cash and distributing the estate to the beneficiaries named in the will.

If you are concerned whether you need to apply for probate or not you should consider discussing your situation with a probate solicitor who will point you in the right direction.

Reports have revealed that despite the government suggesting that the time to process probate has dropped since the new fee and laws have been put into place this, in reality, isn’t the case and a time frame of up to 12 weeks is being experienced. This means substantial delays in getting inheritances to the beneficiaries named in a will.