A step-by-step guide to closing accounts, releasing funds, and avoiding common pitfalls.
Notifying banks and financial institutions is one of the most time-consuming parts of administering an estate. Each organisation has its own process, its own forms, and its own requirements for evidence. This guide sets out what to expect and how to approach each type of institution efficiently.
Before contacting any financial institution, gather the following: several certified copies of the Death Certificate (order at least five — each institution typically requires an original), the Grant of Probate or Letters of Administration (if the estate requires probate), the deceased's account numbers and sort codes (found on bank statements or in their paperwork), and your own identification documents. Having these ready before you make the first call will save significant time.
The government's Tell Us Once service allows you to notify multiple government departments — including HMRC, the DWP, the DVLA, and the Passport Office — in a single step. You will receive a unique reference number when you register the death; use this to access Tell Us Once online or by phone. This service does not cover private banks or insurers, but it eliminates a significant portion of the government notifications in one go.
Contact each bank's bereavement team directly — most major banks have dedicated teams with shorter waiting times than general customer service lines. You will typically need to provide a certified Death Certificate and, for accounts above the bank's internal threshold (usually £25,000–£50,000), a Grant of Probate. The bank will freeze the account, provide a statement of the balance at the date of death, and either transfer funds to the estate account or issue a cheque to the executor. Joint accounts usually pass automatically to the surviving account holder without probate.
NS&I (National Savings and Investments) has its own bereavement process. Premium Bonds can be held for up to 12 months after death and continue to be entered into prize draws during that period — so it is worth waiting before cashing them in. To claim, complete NS&I's bereavement form (available at nsandi.com) and include a certified Death Certificate. Prizes won after death are paid to the estate.
Pensions and life insurance policies do not automatically form part of the estate. Most pension schemes have a 'nomination of beneficiary' form that directs the death benefit outside the estate entirely, meaning it passes directly to the nominated person without probate and without being subject to Inheritance Tax. Contact each pension provider and insurer separately to request their bereavement claim form. Processing times vary from a few weeks to several months.
Keep a log of every institution you contact: the date, the name of the person you spoke to, what was agreed, and any reference numbers. This record is invaluable if there are disputes later, and it forms part of the executor's duty to account to the beneficiaries. Kinvoy's document vault and notes section are designed for exactly this purpose — upload correspondence, store reference numbers, and track the status of each notification in one place.