Martin Lewis reveals how to save thousands on probate fees #ThisMorning

Martin Lewis advised viewers how to saveMartin Lewis advised viewers how to save on probate fees (Image: ITV/GETTY)

Money Saving Expert, Martin Lewis, 46, appeared on This Morning today to discuss the rise in probate fees. Probate is the judicial process where a will is ‘proved’ to have been the last true testament of the deceased. Martin warned ITV viewers the fees will soon rise to almost £6,000, urging people to apply for probate now. He advised: “When someone dies and leaves property, money and possessions – collectively known as their estate – the person looking after the estate needs to administer out who gets what.

Related articles
Does Brexit mean you should remortgage? Martin Lewis explains
Martin Lewis: How you could be charged £6,000 for probate

Money Saving Expert, Martin Lewis, 46, appeared on This Morning today to discuss the rise in probate fees

“If there is a will: The person appointed an ‘executor’ will need to get a 'grant of probate’.

“If no will was left: The next of kin must apply for what is known as a 'grant of letters of administration’.”

Martin then explained the process of applying for probate .

He added: “Then the executor of the will or next of kin will need to get a 'grant of representation', which proves their authority to administer the estate. The process of applying to the court for the grant and the document used to manage the estate is often generically referred to as 'probate' – and incurs probate fees.

“Currently the probate fee for estates over £5,000 is a flat £215 (or £155 if you apply through a solicitor).

“Yet from April in England and Wales only (Scotland and Northern Ireland have different probate fees) this plans to change – yet there’s no exact date yet and it still needs to be approved by House of Commons, so could be delayed.

“Yet if it does go ahead in April as planned, the new fees crucially are charged based on when you apply for probate (not on when the estate holder died), so some should

read more.....

Get the latest news delivered to your inbox

Follow us on social media networks

NEXT Yiddish concert embraces 'the lost language in all of us' mogaznewsen