How much are NSW probate fees today? Furthermore, who pays for these probate fees? There are various things a person can do in order to carry out a deceased person’s desires and manage their funds. Probate is an order confirming the validity of a deceased person’s Will.
Whether or not a Grant of Probate is necessary depends on the type and value of assets owned by the deceased at the time of their death. Click here to read our article about how long probate is going to take. This article will discuss the different costs of NSW probate fees.
When Is Probate Necessary?
Probate may be required if the deceased person leaves behind certain sorts of assets. If money is in a bank account, the bank may request a grant of probate before transferring funds to the executor. A Will-maker appoints an executor to handle the deceased’s estate. The executor distributes the assets to the beneficiaries according to the Will.
A grant of probate is required if the value of the money reaches a certain level. Every bank has rules about deceased estates and how NSW probate fees are handled. So it’s a good idea to seek legal advice about your individual case and NSW probate Fees. Probate may also be necessary for the following situations:
- If the deceased individual had a large number of shares in a corporation, a grant of probate may be required;
- If the deceased individual was the sole owner of real estate, probate may be required to transfer ownership; or
- The ownership is divided if there are two owners.
It’s worth mentioning that each state and territory has its own probate laws. Check the Supreme Court of NSW for further information. When probate is required, the named executor is usually the one who files the application.
Most individuals believe that you must hire a lawyer to complete the procedure. This is because they offer outstanding services that may assist you with the probate process.
How To Apply For Probate in NSW?
- To apply for a grant of probate, you must first notify the New South Wales Online Registry of your intention to apply.
- Next, you must wait at least 14 days before filing your probate application.
- After doing so, you must submit your application. You will be given a case number that will serve as a reference for future matters pertaining to your case.
NSW Probate Fees: Associated Fees
Obtaining a Grant of Probate, Grant of Letters of Administration, or Reseal of Grant involves two primary probate charges:
- The Supreme Court of NSW filing fee and;
- The solicitor’s professional charges related to securing the grant.
The gross value of the estate’s assets held in NSW calculates the cost of applying for a Grant of Probate, Grant of Letters of Administration or Reseal of a Grant. This is detailed in Schedule 1 of the Civil Procedure Regulation 2012. Here are the NSW Probate Fees for filing as of July 1, 2021:
| Value of Estate Assets | Filing Fee |
| Less than $100,000 | No fees |
| $100,000 or more but less than $250,000 | $761 |
| $250,000 or more but less than $500,000 | $1,033 |
| $500,000 or more but less than $1,000,000 | $1,583 |
| $1,000,000 or more but less than $2,000,000 | $2,109 |
| $2,000,000 or more but less than $5,000,000 | $3,515 |
| $5,000,000 or more | $5,860 |
NSW Probate Fees: Professional Costs
Schedule 3 of the Legal Profession Uniform Law Application Act 2014 regulates the professional expenses of obtaining a Grant of Probate, Grant of Letters of Administration, or Grant of Reseal. The Act calculates the professional fees for obtaining a first-time Grant or Reseal based on the gross value of NSW Probate Fees. Schedule 3 is set out below and is current as of January 1, 2017:
| Disclosed gross value of assets owned solely by the deceased | Costs payable |
| Less than $30,000 | No fees |
$30,000 or more but less than $150,000 | $560 plus $13.33 for each $1,000.00 up to $30,000 $960 plus $5.90 for each $1,000 in excess of $30,000 |
| $150,000 or more but less than $1,000,000 | $1,670 plus $4.47 for each $1,000 in excess of $150,000 |
| $1,000,000 or more but less than $3,000,000 | $5,470 plus $1.66 for each $1,000 in excess of $150,000 |
| $3,000,000 or more but less than $5,000,000 | $8,800 plus $1.10 for each $1,000 in excess of $3,000,000 |
| $5,000,000 or more but less than $10,000,000 | $11,000 plus $0.90 for each $1,000 in excess of $5,000,000 |
| $10,000,000 or more | $15,500 |
Additional Fees Involved
Additional charges for NSW probate fees may be incurred as a result of completing the application procedure in NSW. Some of them might be:
- Costs of postage or transportation to retrieve required papers, such as the Original Will
- Getting a death certificate
- Valuations of properties or assets
- Assistance with document preparation
Once probate has been granted in NSW, the deceased estate will reimburse costs incurred during the application process. The process of obtaining probate can be lengthy due. This is due to completing numerous financial documents. Some executors opt to hire a lawyer or attorney to assist them with this procedure.
Importance Of Seeking Legal Advice
NSW probate fees can get really tricky for an executor who doesn’t know where to begin. JB Solicitors offers guidance to our clients for each process in relation to associated probate fees in a Will. We also offer fixed-fee prices.
In other words, our clients can receive the best legal advice they can get for cases like NSW probate fees. Furthermore, clients can focus solely on their legal matters without having to worry about the associated costs of our solicitors.
Contact our probate lawyers today
