Introduction
An executor bank account is a special type of bank account. It’s opened by the executor(s) of an estate to help manage the financial affairs of someone who’s died, while working through the probate process. Sometimes you might also hear it called a probate bank account.
This account is somewhere to put money that belonged to the person who died. Having the funds in one place makes it easier to pay any debts and taxes, before sharing out any inheritance to the beneficiaries. The account can only be used to pay for specific things to do with the process of managing the estate of the person who’s died.
It’s not a legal requirement to open an executor account. But having one can make it much easier to work through the financial tasks needed after someone dies. It makes things clearer and more efficient.
What is an executor bank account used for?
Getting everything in one place: The executor bank account is one place to put any assets into a single account. The assets might include money from the sale of any house or flat, or from other bank accounts, investments, and financial holdings. Bringing everything together makes it easier to manage and keep track of the estate's finances.
Paying debts: Executors can use the account to pay any outstanding debts of the person who died. These can include mortgages and loans, and other obligations.
Paying other expenses: There are other things that need to be paid for after someone dies, such as the funeral, and professional fees. These can also be paid from the executor bank account. You can also use the account to pay for things like energy bills and maintenance costs for a house that belonged to the person who died.
Sharing out the inheritance: After all the debts and other expenses have been paid, the rest of the money can be shared out from the executor account. If the person who died left a will, then this will name the people (beneficiaries) who inherit and what share they will receive. If someone dies without a will there are special rules (the rules of intestacy) which set out who will inherit.
Opening an executor bank account: the benefits
You don’t have to open an executors account, but having one brings some really important benefits.
Transparency: Having a separate account for everything to do with someone’s estate means it is easy to track everything that has happened financially. This keeps everyone accountable, and makes it easy to let others know what has happened. You might want to keep those who will inherit up to date on progress, or report to relevant authorities, and this is easier if everything’s kept together.
Simplified record-keeping: With an executor bank account, all transactions related to the estate are in one place, making it easier to prepare accurate estate accounts and financial statements.
Legal protection: If you are an executor, it’s a good idea to keep money related to the person’s estate separate from your own personal accounts.
Opening an executor bank account: step by step
Get probate: In England and Wales, executors must get a Grant of Probate before they have the legal right to deal with the money and property of someone who’s died. There is a slightly different procedure if the person who died didn’t write a will
Choose where to open the account: Many UK banks offer executor accounts, including HSBC, Barclays, Lloyds, and NatWest. A bit of research can help you find the bank that best suits your needs. Here we summarise some of the differences:
Barclays
Fees: Free
Online application: No
Required documents: A copy of the grant of probate or letters of administration, proof of ID (like a passport or driving licence), proof of address
Additional information: Limited to UK-based executors
NatWest
Fees: Free
Online application: No
Required documents: Executor(s)/Administrator(s) account mandate form, photo identification, proof of address, deceased’s will, death certificate or Grant of Representation
Additional information: Requires opening an everyday bank account and then completing an Executor(s)/Administrator(s) account mandate form. The account can be opened pre-Grant; however, it may only be used to receive funds and pay funeral costs until the Grant is issued.
HSBC
Fees: Free
Online application: No
Required documents: One of: Grant of Probate, Letters of Administration or, Death Certificate and an original or certified copy of the Will.
Additional information: Any executor can open the account in branch; not all executors need to be present, though they must be if named on the account.
Lloyds
Fees: Free
Online application: No
Required documents: Grant of Representation and proof of ID.
Additional information: The account can be opened pre-Grant but will remain inactive until the Grant is issued. Non-UK executors must provide ID in-person and sign a form confirming they won’t be named on the account. Either the deceased or an executor must have an existing relationship with Lloyds.
Note: The availability and features of executor accounts can vary over time, and may be different based on your particular circumstances. We advise contacting your shortlisted banks directly or visiting their official websites for the most up-to-date information.
Get your paperwork together: Banks usually need the following documents to open an executor account:
Original or certified copy of the Grant of Probate
Death certificate
Proof of the executor's identity (such as passport or driver's license)
Proof of the executor's address (such as utility bill or bank statement)
Apply for the account: Visit the chosen bank (if required) to fill out the necessary forms and show them your documents. Some banks may let you complete part of the process online.
If there is more than one executor, banks may ask that they all come along to open the account, or provide signed authorisation.
Managing an executor bank account
Account management: While you are managing the account, make sure that you record all payments in and out. You should also keep hold of all receipts and invoices for payments made from the executor account.
Closing the account: After any debts are paid, and the money from the estate has been shared out to the beneficiaries, you should close the account. This ends the process of administrating the estate.
Frequently asked questions about executor bank accounts
Is an executor bank account legally required in the UK?
No, but it is highly recommended to make sure the estate administration is clear and done correctly.
Can I use the bank account of the person who died instead of opening a new account?
No, you can’t use someone’s account after they have died. A bank needs legal proof that someone who isn’t the account holder has the right authority to access the money. This is usually the grant of probate. Once it is sure you have the permission, the bank will release any money in the account and close it.
Can an executor bank account earn interest?
Some banks allow interest-earning accounts, but most executor bank accounts do not pay interest on the money saved in them.
What happens if there is more than one executor?
All named executors may need to approve transactions together. Or they may be able to appoint one named executor to manage the account.
How long should the executor bank account stay open?
The executor bank account should remain open until all estate debts are paid, and assets are shared out. After that, you should close the bank account.
What if a bank refuses to open an executor bank account?
You don’t need to use your usual bank – try a different bank with more flexible policies. Alternatively, if you use Trustestate’s Complete Probate service we’ll handle all the admin for you.
How Trustestate can help
Dealing with the admin after someone dies can be a challenging and overwhelming process. Let Trustestate take out the hassle for a fixed transparent fee. We offer a simple, streamlined service with expert support at every stage.
What we offer
Use our Complete Probate service and we’ll manage every stage of the process. You won’t need to open an executor bank account. We’ll take over all the admin, apply to the court for probate, and share out the estate.
Or if the estate is simple, and you have time, you can use our Grant of Probate service, and we’ll apply for probate using information you provide.
Whichever service you choose, you’ll get dedicated advice every step of the way, and an online platform to keep track of everything. Book a free call with one of our experts to find out more.
