Your guide to being an executor

You are not alone

When you become an executor, it often happens at one of the hardest moments in life. You may be grieving, tired and worried about doing the right thing for the people you love.

If that is how you feel, you are not alone.

This guide is here to:

• Explain what your role involves in plain English
• Show you what to do first, and what can wait
• Help you spot when it might be better to ask for professional support

At Octopus Investments, our Intergenerational Planning team has supported thousands of families through the probate process when someone holding one of our investments has died.

We have seen firsthand how confusing and emotional this time can be. We created this guide with our partners at Octopus Legacy, who specialise in bereavement support and the legal and administrative side of estate planning.

We hope this gives you a little more clarity and a little more confidence in the weeks and months ahead.

What is an executor of a will?

This usually includes:

• Organising the funeral
• Finding the will and following the instructions in it
• Dealing with money, property, possessions and debts
• Paying any inheritance tax and other taxes that are due
• Applying for probate (if required)
• Making sure the right people receive what they are meant to inherit

It’s a big task that carries significant legal responsibility – if mistakes are made, it’s the executor who will be held accountable. Not to mention that it can be a lot to deal with during a difficult time.

How do you know if you are an executor?

Most people are told in advance. Sometimes, you only find out after the person has died when the will is read, and you find out you’ve been named as executor.

If you are not sure:

• Check whether there is a will and where it is stored
• Ask close family members or the person’s financial adviser or solicitor
• Look for letters from a solicitor, will writer or estate planning service

What is the role of an executor of a will?

Legal responsibilities:

• Deal with all assets and debts
• Follow the instructions in the will
• Apply for a grant of probate or letters of administration if required
• Pay inheritance tax and income tax due
• Review the estate for any other taxes that may apply, such as capital gains tax or income tax arising during the administration period
• Distribute what is left and keep records

Emotional realities:

• Decisions must be made while grieving
• Family may rely on you
• You may worry about doing things incorrectly

You do not have to do everything alone

Being appointed as an executor does not mean you have to take on this role. It’s your decision as to whether you accept the role. You can:

• Share the responsibility with other executors, if there are any
• Carry out the role with professional support through experts like Octopus Legal Services or another law firm
• Pass all of the roles and responsibilities to a professional to handle in full

What has to happen after someone dies – a summary

When someone dies, there is a lot to think about very quickly. These are the steps that usually matter first.

First few weeks

1. Confirm their death and get a Medical Certificate, or report their death to the Coroner
2. Register their death at the local Register Office
3. Notify close family
4. Find the will and check if they have shared any funeral wishes
5. Secure their home and any key assets

It is okay to pause. Once these steps are complete, you do not have to handle everything at once.

Weeks 3-4 until finalising the estate:

This process can take months or years, depending on the complexity of the estate.

Most estates follow this pattern:

1. Locate the will and understand the wishes
2. Gather information and notify various organisations
3. Build a picture of the estate
4. Complete inheritance tax (IHT) forms and apply for probate (if required)
5. Manage assets, debts and tax
6. Distribute the estate and finalise the accounts. Close everything down

There is no medal for doing everything alone. The role of executor is a big task that carries significant legal responsibility, and if anything goes wrong, you’ll be accountable – all at what is often a difficult time. It’s normal to ask for support to protect you and the estate.

When to ask for help

Signs you may need help:

• The estate is complex or includes overseas assets
• There are trusts or complex tax issues
• There is family conflict
• You feel overwhelmed
• You’re worried about any personal liability

Who can help:

• Octopus Legacy and Octopus Legal Services or another law firm
• The Octopus Investments Intergenerational Planning Team
• Financial advisers – may be able to help build a picture of the estate and its value

What has to happen after someone dies – the practical steps

Every estate is different, but most executors will need to take care of the following tasks.

Confirm their death and get a Medical Certificate, or report their death to the Coroner

• Within 1-2 days
• Usually provided by the hospital or GP. You will need this to register the death.
• Reporting their death to the Coroner is required in about 45% of cases in England and Wales if their death was unexpected or the cause was uncertain.
• Begin a folder (digital or physical) for all of your paperwork; this will grow quickly.

Register the death at the local Register Office

• Within 5 days
• This process takes around 30 minutes
• Find your nearest Register Office
• If their death was referred to a coroner, you can get an interim death certificate at this stage instead

Tip

We recommend getting between 5-10 death certificates, which will be useful later on down the line

Notify close family

• You can decide when you’re ready to do this
• This can be difficult. Don’t be afraid to ask for support from family and friends

Secure the home and any key assets

What you need to do

• Secure the home: locks, alarms, windows.
• Check home insurance: unoccupied properties may require specialist cover.
• Redirect post through Royal Mail’s redirection service.
• Document valuables with an inventory or photos.
• Check that pets or any dependants are cared for.

Tips

• Record utility meter readings.
• Make notes of personal items removed for safekeeping.

Locate the will and understand the wishes

Within the first few weeks it’s worth locating the original, signed will – if there is one. Wills are often found: at home, with the solicitor, bank, will-writing service, or with Octopus Legacy’s secure storage facility.

Once found then:

• Read the will 
• Identify who the executors are
• Confirm if you and any co-executors still want to act as executor, get professional support, or hand over the role entirely
• Check funeral wishes. The will may include instructions or mention a prepaid funeral plan.

Arrange the funeral:

The executor doesn’t have to take on this role, but it’s important to know that costs for the funeral can usually be paid from the estate, although often this is reimbursed down the line.

Many executors choose funeral directors who are members of:

• The National Association of Funeral Directors (NAFD)
• The National Society of Allied and Independent Funeral Directors (SAIF)

If the person who has died has shared funeral wishes, then it’s important to honour these unless they are impossible or unlawful.

Tip

Keep all funeral receipts; funeral expenses are legitimate estate expenses.

Gather information and notify key organisations

• Speak to their financial adviser to put together a list of all their assets and debts
• Notify organisations such as government departments and private companies

Notifying organisations is often one of the most time-consuming parts of the job. You will need to:

Notify government departments, including:

• HMRC (tax)
• DWP (benefits and state pension)
• DVLA
• Passport Office
• Local council (Council Tax, Blue Badge, electoral roll)

How to do this?

Tell Us Once is a service that simplifies the notification process.

Tell Us Once is a free government service in England, Wales and Scotland that lets you report a death to lots of government departments in one go, instead of contacting each one separately. This saves a huge amount of time and stress.

​Notify private companies, including:

• Banks and building societies
• Pension providers
• Mortgage lenders
• Investment companies
• Insurance providers
• Utility companies
• Broadband / mobile providers
• Credit card companies
• Store cards and subscription services

How to do this?

• Unfortunately, there is no single ‘Tell Us Once’ equivalent for private companies. However, there are companies like Life Ledger that work with lots of big companies, which should save you some time.

Tips:

• Create a simple tracker listing each organisation, account number, date contacted and next steps.
• Keep copies of every letter or email – you may need them later.
• Prioritise notifying financial institutions, subscriptions and memberships first to prevent additional charges.
• Remember that some organisations will only release funds once probate is granted.

Build a picture of the estate

Next, you’ll need to work out the value of the estate and what they owe, including:

• Bank and building society accounts
• Investments, savings and shares
• Pensions
• Life Insurance
• Property*
• Vehicles
• Jewellery, art or collectibles*
• Business interests*
• Mortgages
• Loans
• Credit cards
• Unpaid bills
• Outstanding tax
• Funeral costs

*May require a professional to value these assets

Tips

• You may be asked to justify your valuations, so make sure to keep any evidence for this.
• Get 2–3 estate agent property valuations or a formal Royal Institution of Chartered Surveyors (RICS) valuation for larger estates.

Complete IHT forms & apply for probate (if required)

Complete inheritance tax forms for HMRC and pay any tax required.

This isn’t required in all cases, but you might need to provide a full inheritance tax account if:

• They are single, and their estate is worth more than £325,000.
• They are widowed, and their estate is worth more than £650,000.
• They have made lifetime gifts totalling more than £250,000 in the last seven years.
• They gave away their property but continued to live in it.
• They are claiming the Residential Nil Rate Band.

You will then need to pay any tax that is required.

• Check if probate is required

What is probate? Probate gives you the legal authority to manage the estate, collect in assets and access accounts.

Did you know? Probate is only required in about 50% of cases in England and Wales

When is probate required?

Probate is usually required if:

• Assets are owned under the person who has died’s name, not jointly
• They own a property in their sole name
• They have investment accounts
• >£20,000 with a bank or building society (however, each bank is different, so you will need to check with them);
• >£5,000 worth of shares and investments with a company (however, each provider is different, so you will need to check with them);
• >£5,000 NS&I Premium Bonds;
• Cryptocurrency
• But each bank will have a different threshold, so it will vary person to person

Probate may NOT be required if:

• They own assets jointly with someone else who is still alive
• They only have a small amount in their accounts that is under the threshold for probate

Applying for probate

If probate is needed, you’ll need to apply for a grant of probate (if there is a will) or Letters of Administration (if there isn’t a will).

You can either:

• Do-it-yourself (DIY)
• Hand it over to a probate professional such as Octopus Legal Services, part of Octopus Legacy
• Opt for a mix of both – handing over the legal and IHT tax elements to experts like Octopus Legal Services

You’ll need to:

Complete the following probate forms:

• PA1P / PA1A (England & Wales)
• C1, C5 or C5SE (Scotland)

Where to get help

This involves up to 35 hours of work on average and can take 12 months or more, depending on the complexity of the estate.

• Octopus Legal Services probate specialists (part of Octopus Legacy) or another law firm
• Their financial adviser – to support with understanding the value of their estate (required for probate and IHT forms)

Manage assets, debts and tax 

To manage the assets, debts and tax we recommend:

• Opening an executor bank account: This makes it easy to keep a record of money coming in and out of the estate. It keeps estate finances separate and protects you.

Once you’ve received the Grant of Probate or Letters of Administration, you can now:

• Collect in estate funds
• Banks and investment companies will release funds once probate has been granted or you’ve shared the required information.
• Settle any debts, including mortgages, credit cards, loans and final bills.
• Ensure all taxes are paid

You may need to complete:

• income tax return for the year of their death
• income tax return for the administration period
• capital gains tax returns, if applicable
• inheritance tax adjustments

Take on property tasks, including:

• Decide whether to sell or transfer ownership
• Manage conveyancing if selling
• Clear out the home if required

Tips

• Make sure that any utility bills continue to be covered if the house is still being used.
• Paying debts before distributing assets removes the risk of personal liability.
• Keep a clear record of all money movements.

Important:

HMRC charges interest on any inheritance tax that’s paid late. This interest applies to payments made after the end of the six months following the date of their death.

From April 2025, the interest rate will increase to 4% above the Bank of England base rate.

Distribute the estate – passing on inheritance

Having completed the steps above, you can now distribute the estate to the beneficiaries according to the wishes laid out in the will, or according to intestacy rules, if there isn’t a will.

Distribute inheritance according to the wishes laid out in the will:

• Transfer funds
• Transfer or sell property
• Distribute personal items
• Obtain written confirmation of receipt
• Close remaining accounts

Finalise the estate accounts, showing all of the:

• Assets and liabilities
• Expenses and taxes paid

Your responsibilities end when:

• All debts and taxes are paid
• Estate accounts are approved
• The inheritance has been distributed
• All accounts are closed

Final tasks

• Close the executor bank account
• Store important documents securely
• Confirm there are no outstanding HMRC matters

Tips

• Never distribute assets before all liabilities are settled
• Executors may be personally liable for any errors

About Octopus Legacy and Octopus Legal Services

Octopus Legacy is also part of the Octopus Group and was founded to make life after loss easier for those left behind – by helping people plan for death and find support after loss. The company’s origins are deeply personal: when Sam, the founder, lost his mum at 27, he found himself trying to navigate the legal jargon, paperwork and emotional decisions that come after someone dies – all whilst grieving. He knew others were navigating the same challenges so he set up Octopus Legacy to offer better support, clearer guidance and a more compassionate experience.

Octopus Legal Services is an SRA-regulated subsidiary of Octopus Legacy and is authorised to carry out probate and other legal services.

Together they have helped 700,000+ customers with:

• Writing wills and wills with trusts
• Creating Lasting powers of attorney
• Probate and estate administration
• Professional executorship
• Secure will and legal document storage
• Bereavement support
• Inspiring people to share more than money through their legacy memory box, legacy films and other services

Their approach blends legal expertise with empathy and reassurance. They help people navigate some of life’s most challenging moments, creating space to focus on what matters.

This is why Octopus Investments chose to partner with Octopus Legacy: because their human-centred approach complements our own experience supporting bereaved families, and together we can offer a more complete, compassionate service.