Probate applications set to soar during ‘busiest time of the year’ – What is it, what does it cost and how long does it take?

Research by Final Duties, the UK’s most experienced probate brokers, has revealed that the start of the year is the busiest time for probate applications, as thousands more are made during the first three months when compared to the rest of the year.

With this in mind, Final Duties has also produced a comprehensive guide to probate; what it is, how you complete it, how much it should cost, and how long it will take.

New year busiest time for new probate applications
The analysis of Gov data by Final Duties shows that in recent years, the number of probate applications made has been on the up, increasing to an annual total of 292,303 in 2022, having climbed by 3% each year since 2020. As a result, an average of 73,076 probate applications were made each quarter in 2022.

However, the latest figures for Q3 2023 show that the average number of quarterly probate applications made already sits at 78,810 per quarter for the year and Final Duties estimates that total application numbers could hit 307,760 in 2023 – a 5% increase on the total seen in 2022.

What’s more, the analysis by Final Duties has shown that the first three months of the year are traditionally the busiest time for new probate applications.

Since 2020, the number of probate applications made each year between January and March has averaged 75,944. Across the rest of the year, the average number of applications made averages at 71,070 per quarter.

This means that on average, almost 5,000 (7%) more probate applications are made at the start of the year (Jan to Mar) when compared to the following nine months (Apr to Dec).

What is probate?
Probate refers to the legal and financial process of dealing with the estate (property, money, and possessions) of a person who has died.

If the estate is worth more than £5,000 or includes investments such as property, stocks or shares, it’s likely that probate will be legally required before the estate can be distributed as per the wishes of the deceased.

Probate can also be expensive
The probate process can cost a significant amount of money. Typically, a solicitor or specialist probate provider will charge a fee of between 1-5% of the estate’s value, plus VAT. There will be further expenses if, for example, the estate is liable for inheritance tax.

All in all, the average cost of probate comes in at an estimated £5,402.

The reason for the expense is the complexity that so often comes with probate. This requires expertise, an awful lot of admin, and an understanding that there will probably be significant delays along the way which, when working with solicitors, means the cost goes up.

What causes probate delays?
It’s impossible to predict how long probate will take. So much of it is dependent on the amount of time the executor is able to spend on the process. If they can only do a few hours a week after work, it’s going to take longer than if someone is working on it full-time. For this reason alone, many people choose to appoint a probate specialist rather than trying to handle it all on their own.

Another common delaying factor is property. While cash and other physical assets such as cars or jewellery are relatively straightforward to sort, property is a different matter and selling it can take months on end. Probate can not end until the transaction is finalised, so this drawn-out timeline can be frustrating and expensive.

Disputes can also draw-out the probate process, sometimes for years on end. So if there is anything at all contentious about the case and multiple parties start arguing over who gets what, it’s going to vastly increase the timeline and costs.

There are also human errors to consider. For example, if there are missing supporting documents or applications are submitted at the wrong time, it can not only delay the process but even bring it to a complete standstill.

So how long does probate take?
All in all, it can be expected to take 10-12 months to complete the probate process.

It can take up to 12 weeks to establish the estate and its contents; eight weeks to arrange finances and pay inheritance tax; up to 12 weeks for the probate application to process; another 8-12 weeks to realise and pay liabilities; and then another 12 weeks to tie up all of the loose ends.

For the sake of simplicity, we can say the process will take 10 months.

With the expected cost, as mentioned above, sitting at £5,402, this works out at a probate expense of £540 per month.

Managing Director of Final Duties, Jack Gill, commented:

“Traditionally, the new year is the busiest time of year for new probate applications and this is a trend that has not only materialised in recent years, but has also intensified, as the number of probate applications has increased steadily since 2020.

The thing that catches most people out is the complexity of the probate process. It is a long, arduous journey full of pitfalls which, if fallen foul of, can result in big delays, additional costs, and even a reduction in the final value of the estate.

The result of this is little transparency when it comes to the probate solicitor’s fees – solicitors tend to charge per day, or per hour, so the longer the process takes, the more they’re going to charge.

That’s why our fixed-fee model makes such an impressive difference. Not only do our clients know exactly what we’re going to charge for our guidance, assistance, and expertise, but the superior service we provide means the whole process can be completed in the shortest time possible.”