The Victorian Government has proposed a large increase in probate fees.
We are concerned that these increases will lead to a significant financial burden when settling estates worth more than $125,000.
Under the new proposals, fees for the Supreme Court of Victoria’s probate office would rise considerably, surpassing those of any other state or territory for estates valued at $2.5 million or more.
The proposal will eliminate filing fees for small estates valued at $125,000 or less but substantially increase for estates worth $250,000 or more.
The proposed fee increases are as follows:
For small estates valued under $250,000, the filing fee would rise from $68.60 to $261.30 (an increase of 281%).
For estates valued between $250,000 and $500,000, the fee would increase from $68.60 to $514 (a 650% increase).
For estates valued between $2.5 million and $5 million, the fee would go up from $1,502.40 to $7,185.20 (a 378.3% increase).
For estates valued at $5 million or more, the fee would increase from $2,318.90 to $15,407.40 (a 564.4% increase).
In a recent Law Institute of Victoria Media Release, LIV CEO Adam Awty made the following comments:
“The death of a loved one is probably the hardest time in anyone's life. These increased fees would add extra stress and financial hardship on families who are already suffering. They can’t access the bank account of their deceased loved one so they need to find the money for filing fees somewhere else.”
“These proposed changes place an extra burden on Victorians who are acting as executors. They could discourage people from agreeing to become executors which could slow down administration of estates and tie up assets for longer.”
“These fees are too high. For estates worth more than $2.5 million, they are almost double the fees in NSW. We will work with government and advise of the impact of the proposed changes.”
We will continue to keep you updated in relation to these fees as the changes are announced.
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