Bereavement
Losing a loved one is very difficult and having to manage their financial affairs during such a painful time can be a lot to deal with. Here’s what you need to know about how to inform us when someone’s passed away, the information we’ll ask for, and what happens to their accounts.
How we can help
- We’ll stop the account charge and any Direct Debits or standing orders in to the Stocks and Shares ISA, Investment Account or pension when we receive the death certificate.
- Once we receive all required information, we’ll pay a lump sum from the Stocks and Shares ISA, Investment Account or Pension.
- In certain circumstances we may be able to release money early, for example if you need to pay for inheritance tax.
- We can also put you in touch with useful support organisations to help you during this difficult time.
What to do
- Tell us who has passed away
- First, contact us to tell us who has passed on.
- We’ll then tell you what you need to do, and send a letter confirming everything we need from you.
- Post your documents to us
- These may include the death certificate, grant of probate, letters of administration or certificate of confirmation, and any required ID documents.
- All documents must be sent by post. Please use recorded delivery for tracking and peace of mind.
- If we don’t receive the documents we’ll send you a letter to remind you.
Send all your documents to:
Octopus Money Direct
PO Box 24204
Edinburgh
EH3 1JP
- Verification and processing
- We’ll post a letter to confirm we’ve received your documents. We’ll also send a form for you to confirm where the money needs to be sent.
- We’ll send a valuation of the money in the Stocks and Shares ISA, Investment Account or Pension to the executor, professional executor or personal representative.
- If we need any further documentation we’ll write to you to let you know.
- Once all documents and ID have been verified and approved, we’ll post a letter to confirm.
- We’ll send back any original documents you’ve sent to us once we’ve verified them.
Ways to let us know
Call us
You can call us on:
03455 28 88 88
(outside UK +44 1256 58 80 00)
Monday to Friday 8am to 9pm
Saturday 9am to 6pm
Calls to 03 numbers are treated the same as calls to 01 and 02 numbers, including any inclusive minutes and discounted schemes. Up to 16p per minute from a UK landline. Up to 65p per minute from mobiles.
Or write to us
You can post a letter to:
Octopus Money Direct
PO Box 24204
Edinburgh
EH3 1JP
What to send us
About the person
- Their full name and postal address
- Their date of birth and date of death
- Their customer account number and type of account, for example Pension, Investment or Stocks & Shares ISA
- Their original death certificate
- Their original will (if they made one)
- Grant of probate, letters of administration or certificate of confirmation, if the balance in the accounts is more than £35,000 – see what these mean
About you
- Your full name and postal address
- Your contact details
- Your ID – we’ll need three: one to confirm proof of ID and one as proof of address and plus one more from either list. See the types of ID we accept.
- Confirm if you’re the executor, personal representative or professional executor. If you’re none of these, we’ll need details of the person who is. We’ll need:
- Their full name and postal address
- Their contact details
- Their ID – we’ll need three: one to confirm proof of ID and one as proof of address and plus one more from either list. See the types of ID we accept.
- Confirmation in writing that they’re the executor, personal representative or professional executor
Grant of probate, letters of administration and certificate of confirmation explained
When they’re needed
You’ll need to provide the original of one of these documents (grant of probate, letters of administration or certificate of confirmation) if the total of the deceased’s accounts held with Octopus Money Direct is £35,000 or more..
If you already have one of these documents, please send us the original.
If you don’t have any of these documents and the total balance of their account(s) with Octopus Money Direct is less than £35,000, you’ll only need to complete a form once we’ve received the death certificate and given you the valuation of their account(s).
What they are
Grant of probate (England and Wales)
A document confirming that an executor named in the will has the legal right to handle the person’s property, money and possessions.
Letters of administration (England and Wales)
The equivalent of a grant of probate if the person died without a will. It’s a document confirming who has the legal right to handle the person’s property, money and possessions.
Certificate of confirmation (Scotland)
A document confirming who has the legal right to handle the person’s property, money and possessions.
Accepted forms of ID
We’ll need three: one to confirm proof of identity (List A) and one as proof of address (List B) and plus one more from either list.
Proof of identity (List A)
- Valid UK/EU/EEA passport or another valid passport with a UK visa. It must have at least 6 months remaining on its validity period and must include the details page. A non-UK/EU/EEA passport must also show the visa page.
- Photo side of a valid UK/EU/EEA photo card driving licence.
- Photo side of an EU national identity card.
- Photo side of a Northern Ireland Electoral Identity Card.
- Both sides of a valid (old style) full UK driving licence.
- Benefits book or benefits agency notification letter confirming rights to benefits. It must be for the current year or issued in the last 4 months. We need the page(s) confirming your rights to benefits, and the page(s) showing your name, address, National Insurance number and date of birth.
- HMRC tax notification and correspondence. It must be issued in the past 4 months or be valid for the current tax year. We need the page(s) showing your name, address, National Insurance number and date of birth.
Proof of address (List B)
- Any of List A that shows your address and which you are not using for List A evidence.
- Council Tax bill, less than 12 months old. We need the page(s) showing your name and address.
- Utility bill. It must be less than 4 months old. We need the page(s) showing your name and address. We can’t accept mobile phone or utility bills for services at a different address.
- Mortgage statement/solicitor’s mortgage correspondence, less than 12 months old. We need the page(s) showing your name, address, solicitor’s firm details and the mortgage account number.
- Debit/credit card statement. It must be less than 4 months old. We need the page(s) showing your name, address, provider details and the account number.
- Bank statement. It must be less than 4 months old. We need the page(s) showing your name, address, provider’s details, bank account sort code and account number.
- Private pension statement. It must be for the current year or less than 4 months old. We need the page(s) showing your name, address, provider’s details, and the account number.
- Life assurance/life insurance policy. It must be less than 4 months old and the policy must still be in force. We need the page(s) showing your name, address, provider’s details and the account number.
- Current local council/regulated housing association tenancy agreement, from a recognised local authority or a regulated housing association, for example the Scottish Housing Regulator (SHR) or The Homes and Communities Agency (HCA). It can’t be from a private landlord. We need the page(s) showing your name, address, confirmation of the local authority and the agreement/reference number.
Executors and personal representatives explained
Executor
Anyone named in the will to deal with the person’s property, money and possessions.
Personal representative
Another name for someone who is an executor or, if there is no will, the person who has legal authority to deal with the person’s property, money and possessions.
Professional executor
This could be a solicitor, bank or accountant.
What happens to the person’s account after we’ve received the death certificate?
Stocks and Shares ISA or Investment Account
Once we’ve received the death certificate we’ll stop any account charges and freeze any payments into the account. The money will remain invested until we pay the money out. While the money is still invested, we’ll continue to charge the Annual Management Charge, as outlined in our funds and charges.
Please note, while the money remains invested, the value of the investment can go up and down, so you may get back less than the value quoted on the valuation you received.
Note that if the Stocks and Shares ISA belonged to your spouse or civil partner then you may be eligible to inherit their ISA allowance. This is known as ‘additional permitted subscriptions’ (APS) and means you get a one-off additional ISA allowance on top of your normal tax-efficient ISA allowance. The value of the additional ISA allowance is either the value of their ISA at the date of death or when the account’s closed, whichever is the highest. When you contact us we can tell you how to claim the additional ISA allowance.
Pension
Once we’ve received the death certificate we’ll stop any account charges and freeze any payments in.
The money will remain invested until we pay the money out. If the money’s invested in a Navigator pension, we’ll stop any further automatic switches.
While the money is still invested, we’ll continue to charge the Annual Management Charge, as outlined in our funds and charges.
Please note, while the money remains invested, the value of the investment can go up and down, so you may get back less than the value quoted on the valuation you received.
There may already be named beneficiaries for the Pension account, and we’ll always consider them when deciding who to pay the money to.
Releasing money to pay for expenses
If you think there’s a possibility that money needs to be released urgently, such as to pay legal costs, please call us to discuss.
Closing accounts and releasing money
After we’ve received all the information and documentation we need, we aim to close accounts and release any money within 5 working days. We’ll confirm the final amount via a contract note once funds have been sold.
Sometimes accounts may remain open for a short period to receive dividend payments owed to the account. These will then be paid out to the beneficiaries or executors who received the payments from the account.
If you want to keep an account with us, please let us know.
Inheritance tax
You may need to pay inheritance tax depending on the value of the estate. Check the UK Government’s inheritance tax guide.
We’re here to support you
We can offer support or adjustments to make it easier for you to deal with us.
Organisations that can help
UK Government
Find guidance around the steps that personal representatives need to take when they’ve lost someone.
See UK Government death and bereavement guidance
NHS
GP surgeries and hospitals usually have information about local support groups. You can also find information and support on the NHS website.
Cruse Bereavement Support
Cruse offers free and confidential bereavement support for adults and children.
Samaritans
They’re available 24 hours a day to listen, help and support people who are struggling to cope.
Child Bereavement UK
The charity offers free and confidential bereavement support when a child grieves or a child dies.
Turn2us
Use their Benefits Calculator and Grants Search to see what financial support you might be able to claim for.
Go to Turn2us