The Victorian government has announced an increase in probate fees effective from 18 November 2024.
The Victorian government has announced an increase in probate fees effective from 18 November 2024. This change has sparked significant discussion among legal professionals and the public.
What are Probate Fees?
Probate is the legal process by which a deceased person’s will is validated by the Court, allowing an Executor to administer the estate. Probate fees are administrative court fees paid when applying for a grant of representation.
New Probate Fee Structure
The new probate fee structure will see increased costs for obtaining a grant of probate. The fees are based on the gross value of the Victorian assets in the estate. Interstate or overseas assets are not included in the calculation, nor are assets held in a family trust or superannuation fund.
Below is the updated fee schedule effective from 18 November 2024:
Impact on Executors
The increased probate fees will require Executors to cover these costs, along with funeral expenses and initial legal fees, out of pocket until probate is granted. Once probate is granted, Executors can reimburse these funds from the estate.
Conclusion
The increase in probate fees in Victoria will affect the financial responsibilities of Executors and may influence estate planning strategies. Executors and legal professionals will need to adapt to these changes to manage the costs associated with estate administration.
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