When someone passes away, their estate often needs to go through probate – a legal process confirming the executor’s authority to deal with assets. One of the biggest concerns families have during this time is the cost of probate. Knowing what to expect helps avoid unwelcome surprises and ensures the estate is managed smoothly.
What Does Probate Cost
Include?
The cost of probate is made up of several
factors:
·
Application fee - In England and Wales, probate
applications cost £273 if the estate is valued over £5,000. There’s no fee for
smaller estates.
·
Executor expenses - If a solicitor, bank, or
professional is acting as executor, their time and services are charged.
·
Solicitor or probate specialist fees - These may be a fixed fee, hourly
rate, or a percentage of the estate (typically 2–5%).
·
Valuation fees - Professional valuations may be
required for property, business interests, or valuable possessions like
jewellery and art.
·
Additional costs - Court fees, inheritance tax (if
due), and costs for selling or transferring property can also add to the total.
Professional Help Vs
DIY Probate
While it’s possible to apply for probate
yourself, many choose to hire a professional to handle the paperwork and ensure
compliance. Doing it yourself may reduce the cost of probate, but it can
be time-consuming and stressful, particularly if the estate is large or
complicated.
Why the Cost of
Probate Varies
Not all estates are the same. The complexity of
assets, the presence of a will, disputes between beneficiaries, or debts owed
can all increase costs. Understanding these variables can help families budget
realistically.
Know About the Cost of
Probate from IWC