Old Mill is able to offer our Estate Administration Service regardless of whether we’re 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 early in the process.
Working alongside your adviser our Trusts 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 be a fairer way to charge.
On a practical level we will support everyone through the process by:
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.
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.
This is a question we’re often asked. While administering an estate can sometimes be a lengthy undertaking, we aim to complete most estates as quickly as possible, on average the whole process takes 12-18 months.
The timeline below provides an indication of what you might expect to happen as we go through this process. Of course, we are always happy to work at your pace.
| Month 1
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Arrange an initial meeting and request relevant documentation.
Get complete clarity on the assets and liabilities that make up the estate, and their value. Carry out Property Land Registry searches. Notify investment providers etc. and obtain statements/valuations. |
| Months 2-6 | Complete any necessary Inheritance Tax forms for submission to HMRC, and pay any Inheritance Tax due.
Facilitate the application for probate; if the executors don’t have a solicitor in mind, we can put them in touch with our preferred partner for probate application. * |
| Months 7-9 | Waiting to receive grant of probate.*
Once probate* has been granted, collate the assets. Place advertisements in the relevant publications for unknown creditors. |
| Months 10-12 | Ensure an executors’ bank account is in place.
Ensure that all debts are paid. Distribute any legacies and, where possible, make an interim payment to the Deal with any Income Tax and/or Capital Gains Tax issues that may arise, complete an Income Tax return to the date of death, and make any payments due to HMRC. |
| Months 12-18 | Liaising with beneficiaries in respect of their inheritance and putting them in touch with a financial planner.
Distribute the remainder of your estate (residue) in line with the terms of your Will. Produce and get sign off of a final set of estate accounts. |
| * Please note that because applying for probate is a restricted activity we have to outsource this task to a solicitor. On average it takes 8 weeks for probate to be granted and during this time no further action can be taken. |
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If you want to learn more about Estate Administation and how Old Mill can help, get in touch, we are happy to work at your pace.
