After a person passes away, if they left a will, then the will’s executor will take on the legal right to manage the estate, including the property, money, and possessions. They will work to settle all debts and ensure that all of the will’s beneficiaries receive their inheritance. This process is known as probate.
You can read our full guide to what the probate process involves. In this post, we’ll explore the various costs and fees you’ll have to think about throughout the probate process.
You need to apply for probate to get the legal right to deal with the deceased’s property, money, and possessions. You can apply for probate online.
How Much Does Probate Cost?
It may cost you to apply for probate, and the amount you pay will depend on the value of the estate.
- If the estate is worth £5,000 or less, then you can apply for probate for free.
- If the estate is worth more than £5,000, you will have to pay a £300 application fee.
If you are on a low income, or if you receive certain benefits, you may be able to apply for help with the probate fees.
Additional Probate Costs and Fees
There are other costs associated with the process that you may need to meet. Such as:
- Extra copies of the grant of probate document – These cost £1.50 each. This might be necessary if you need to contact multiple organisations at the same time.
- Applying for probate again – Over the course of the probate process, it may become necessary to apply for probate again. For example, if someone feels the current executor is taking too long to settle the will, or if you find that certain deeds and documents were not updated after an individual’s death. In any case, it costs £21 to make a second probate application, and this fee applies even if the estate’s worth less than £5,000.
You can read a full guide to the probate costs and fees.
You can also read our full guide to all of the documents you’ll need throughout the probate process.
Other Costs To Consider Throughout The Probate Process
Inheritance Tax
You will need to pay any inheritance tax that might be due before you can apply for probate. The amount of tax due will depend on the value of the estate. At the time of writing, there’s a 40% inheritance tax rate on anything over the value of £325,000.
If the estate includes any property, then you may be able to save on the inheritance tax, or even avoid paying it entirely. Read our full guide to what happens when you inherit a home for more information.
In any case, as inheritance tax can get pretty complicated, it may be worth investing in a qualified accountant or inheritance specialist to help you manage the process.
Probate Home Insurance
If there is property involved in the process, then you may need to take out specialist probate home insurance.
It can take up to a year to complete the whole probate process, and delays are common. Under UK law, beneficiaries cannot access anything they’ve inherited until probate is complete. So if someone’s inherited the house, the property may be unoccupied for the entirety of the probate process.
Standard home insurance policies only cover occupied properties. Specialist probate home insurance can cover the property for any additional risks it may be exposed to while it’s unoccupied.
You can read our full guide to probate, property, and your responsibilities.
We Can Help You Protect Your Assets Throughout the Probate Process
At Anthony Jones, we know how complex the probate process can get. So come and talk to us, and we will help you understand exactly what cover you need, and how long you need it for.
For more information, call us on 0208 8290 9086 or email personal@anthonyjones.com.
