How to plan ahead for your bank accounts and finances
Planning ahead for your bank accounts and finances can help you to feel more in control. It can also help those close to you manage and access your money after you die. On this page, we talk about planning ahead for your bank accounts and finances, and what will happen to them when you die.
On this page:
How can I sort out my bank accounts and finances before I die?
Below, we've listed some steps you can take to sort out your accounts.
Make a list of your accounts
It's a good idea to make a list of your bank accounts, and accounts of other financial value.
This could be a physical written list, or a digital list stored online. Wherever you keep it, make sure the people who're important to you know how to access it.
LifeLedger is a website where you can store your details digitally for free, if you are terminally ill. This service helps the people dealing with you affairs notify your accounts after your death. Find out more about storing your details online on the LifeLedger website .
It can be difficult to remember all your accounts. Think about if you have:
- debit accounts
- credit accounts
- savings accounts
- pension accounts
- premium bonds
- ISAs (individual savings accounts)
- investment bonds, portfolios or individual shareholdings
- other accounts with financial value, like cryptocurrency or gambling accounts.
In your list, you could include:
- the bank, building society, or organisation name
- the name registered on the account
- the account number and sort code
- contact details for your bank, building society or organisation.
Remember to keep this list up to date if you create a new account or close an account.
Many banks are becoming 'paperless' or 'online only'. These accounts do not send paper statements by post. Remember to include these accounts in your instructions so the people dealing with your finances know who to contact.
Tell people where they can find the list
Let the people important to you know where they can find your list of bank accounts. You could tell a family member, friend, or professional, such as your solicitor.
It's a good idea to keep the list in a secure place, or with other important documents, such as your Will. This is so only the intended people can find it and use it.
You could add the list of bank accounts to your digital Will, if you prefer. A digital Will is a document that gives instructions about all your online accounts, like social media and online storage.
Read more about digital Wills on our How to sort out online accounts page.
What should I do if I've lost track of an account?
There are lots of reasons why you might lose track of your accounts. A common reason is moving address or changing contact details.
If you think you have lost track of an account, you can try tracing it by using the My Lost Account service. It is a free service that helps trace lost accounts and savings.
Find out more about the My Lost Account service.
If you find any lost accounts, remember to add them to your list.
Can I give someone else access to my bank accounts?
You can give someone else access to your bank, building society and other financial accounts while you are alive by making a Lasting Power of Attorney for property and financial affairs.
This is called a continuing Power of Attorney in Scotland and an enduring Power of Attorney in Northern Ireland.
Read more about making a Power of Attorney.
You can choose what your attorney(s) can do.
They could make decisions on your behalf while you still have mental capacity. Read more about mental capacity.
They could only be allowed to access your financial accounts if you lose the ability to make decisions for yourself. This is called losing mental capacity.
Lasting Power of Attorney automatically ends when you die. So, access to your bank and other financial accounts will stop. The responsibility to deal with your bank accounts and finances then passes on to the people dealing with your estate.
Who will deal with my bank accounts after I die?
Bank accounts are counted as part of your estate (your money, possessions and property) when you die.
This means your bank accounts will be managed by the people handling your Will (known as your executors).
If you do not have a Will or a named executor, the law decides who will deal with your bank accounts. This is usually someone else close to you, but some rules around this can be complicated.
If you have a Will
After you've died, the executor(s) of your Will need to tell your bank.
Once notified, the banks will usually freeze your account. This means that no one can access your money until the executor(s) prove they have the right to access your account.
If you have a Will, but have not named an executor
If you have a Will but have not named an executor (or the executor has died), the person who will inherit your estate, or benefit most from your estate will usually take on the role of telling your bank.
The rules around this can be complicated. So, the people close to you might need to get professional advice.
If you do not have a Will
If you do not have a Will or have not named an executor, the law decides who can fill the role. This is known as being your 'administrator'.
Your closest family member, such as your spouse or children will usually take on the role. They will need to tell your bank.
If you do not have any surviving relatives, your estate will go to the Crown. The Treasury Solicitor will deal with your bank accounts and finances.
Read more information about what happens if you do not have a Will.
How does inheritance tax get paid?
Inheritance tax needs to be paid before probate will be granted. This is called confirmation in Scotland. Probate (or confirmation) is a document which shows your executors/administrators have the right to deal with your property, money and possessions.
Inheritance tax usually applies to estates with a value over £325,000. There are lots of different rules and exemptions. So, it's worth checking the value of your estate if you think it will be subject to tax.
If your estate does owe some inheritance tax, it can be paid by the bank directly to His Majesty's Revenue and Customs (HMRC). The person dealing with your estate can do this by providing the bank with a specific form – the IHT423 form.
Inheritance tax rules are the same in England, Scotland, Wales and Northern Ireland. So, the information on GOV.UK is correct wherever in the UK you live.
How can people access my bank accounts after I die?
The person dealing with your finances might need to provide the death certificate as proof of your death to close the account.
They might also need some proof of who they are and their relationship to you, such as the Will or another ID document.
In some cases, they might need to apply for probate. Not all estates require probate.
There are different rules about which estates need probate in England and Wales, Scotland and Northern Ireland. Check the relevant government information if you are unsure.
If your estate does need to be granted probate, the bank may ask to see the probate document before releasing the funds. This is to check the money is going to the person(s) authorised to deal with your estate, for example, your executor(s) or administrator(s).
Find out more about:
- applying for probate in England and Wales
- applying for confirmation in Scotland
- applying for probate in Northern Ireland.
It can take many months for the probate document or confirmation to be issued.
Once probate has been granted, banks usually release the funds within a few weeks of receiving the probate or confirmation, ID documents and signed closure forms.
What happens to joint accounts when I die?
If you have a joint account with another person, they will need to contact the bank to get the account changed to be in their sole name. They might need to provide the death certificate and complete some paperwork to get this done.
Usually, you do not need a probate document to transfer a joint account into a sole name.
In Scotland, there may be some circumstances where evidence is needed to show how much each person contributed to the joint account. This is to value the estate for inheritance tax. There are different rules for accounts shared between married and civil partners, and accounts shared between people who were not married or in a civil partnership. Find out about joint account rules in Scotland.
Can someone use my bank account to pay for my funeral?
Some people choose to leave money in their bank account to cover the costs of their funeral.
Banks usually have some exceptions to allow for funeral expenses to be paid – even from a frozen account. This means funeral expenses can usually be paid out of the account before probate has been granted.
See How do people access my bank accounts after I die?
The person organising your funeral might be able to send a copy of the funeral invoice to the bank and ask them to pay directly.
If there is a delay in getting access to your account, the person organising your funeral may need to pay the costs in the meantime. Usually, they can recover the money from the estate later, if there's enough money in it.
The person dealing with your finances might need to show the bank or building society:
- a copy of the death certificate
- an invoice for the funeral costs.
- proof of who they are.
If you plan to leave money in a bank account to pay for your funeral, think about writing instructions about where to find the money with your list of accounts. This could be helpful to the people sorting out your accounts after you die.
Go to How to sort out my bank account and finances for more information.
Find out more about funeral costs and options for paying for funeral.
Who can help with planning ahead for my finances?
If you'd like help with planning ahead for your financial accounts, you could reach out to:
- a solicitor
- a professional Will writer
- a financial adviser at your bank.
Citizens Advice has information about money, death and Wills. They answer common questions about what happens to bank accounts on their website. You can also contact Citizens Advice on the phone, via webchat, or make an appointment in person.
Access Citizens Advice in:
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If you want to talk to someone about planning ahead, call the free Marie Curie Support Line on *0800 090 2309. They can provide a listening ear and guide you through how to make plans for your future.
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About this information
This information is not intended to replace any advice from health or social care professionals. We suggest that you consult with a qualified professional about your individual circumstances. Read more about how our information is created and how it's used.
