Estate Administration Service

Old Mill is able to offer our Estate Administration Service even if we aren’t named as professional executors in your Will. The wealth of experience among our Estate Administration team and our client advisers means that we are fully able to acknowledge, understand and navigate our way through family dynamics at every stage of the process.

How we help

Working alongside your adviser our Trust and Estates team will undertake much of the work required to effectively administer your estate on behalf of the executors. The collective expertise of our team and our detailed understanding of your finances means we’re in a strong position to carry out the administration of your estate swiftly and smoothly. And because we charge an hourly rate rather than a percentage of the value of your estate we believe this will save the estate a considerable sum.

On a practical level we will support everyone through the process by:

• Providing step-by-step guidance to the executors on the practical aspects of what needs to be done, both immediately and during the weeks and months ahead
• Meeting regularly with the executors to ensure they’re kept fully informed of all progress
• Keeping everyone in the loop and ensuring all beneficiaries have a voice.

We’re also aware that in some cases beneficiaries aren’t properly equipped to receive unexpected legacies, possibly due to age or circumstance. We can ensure the necessary financial planning guidance and advice is available throughout the process, to fully prepare and support individuals and the wider family, enabling them to make informed decisions regarding any legacy.

Getting started with estate administration

We’ll arrange an initial meeting to discuss the estate, and gather the information and documents needed for the administration process to get underway.

During the meeting we’ll discuss:

• Arrangements – confirming that arrangements have been made for the personal aspects of the estate, including funeral arrangements and personal effects
• Asset planning – ensuring everyone understands details of the assets held by the estate and the plans for these assets (i.e liquidation, appointment etc.)
• Tax planning advice – identifying whether any individual beneficiaries or the overall estate need tax planning advice, particularly on Inheritance Tax or Capital Gains Tax
• Tax and accounts – identifying the tax compliance requirements of the estate
• Responsibilities – confirming the respective responsibilities of the executors and the Estate Administration team so everyone is clear who is doing what
• Fees – an indication of our fees to administer the estate, which will be based on an hourly charge rather than a percentage of the value of the estate, which we believe is the fairest way to charge for this service
• Next steps – identifying the short-term actions that need to be completed, the overall timeline to administer the estate, and agreeing a schedule of regular meetings.

How long will it take?

This is a question we’re often asked. While administering an estate can sometimes be a lengthy undertaking, we aim to complete the administration of most estates within 12 months, although where multiple properties or complex tax issues are involved, it may take longer.  We know that this aspect is very important to all concerned.  Therefore, we will advise you of our predicted timescale for the conclusion and distribution of the estate during our meetings so that the beneficiaries can plan for their future.

The timeline below provides an indication of what you might expect to happen as we go through this process.