How to Include Savings Accounts in a Will

Including financial assets such as savings accounts in a will is a key part of estate planning in England and Wales. A will is a legal document that explains how your estate should be dealt with after your death, and savings form part of that estate alongside property, possessions and investments. 

This article explains how savings accounts are treated under UK law, what you can and cannot include in a will, how probate interacts with your financial assets, and practical steps you might consider when planning ahead.

1. What Savings Accounts Are and Why They Matter in a Will

A savings account is an account held with a bank, building society or financial institution that holds money you intend to save. This could include:

• Standard savings accounts;
• Cash Individual Savings Accounts (ISAs);
• Premium Bonds and similar products.

Savings accounts usually form part of your estate on death unless they are treated otherwise by law or contractual terms with the provider. 

Your estate is everything you own at the time of death, including money in savings accounts. It is distributed either according to your will or under the rules of intestacy if you die without a valid will. 

2. Do You Need to List Your Savings Accounts Individually?

In most cases you do not need to list every savings account in your will.

Wills commonly include a residuary clause - a provision that says what should happen to “the rest and residue of my estate” after specific gifts are made. This captures all assets you hold at death that are not otherwise disposed of, including savings. 

There are practical reasons for not listing each account individually:

• Savings account details (account numbers, names, sort codes) may change over time;
• Specific inclusion would require updating the will whenever accounts are opened or closed;
• A broad residuary gift avoids unnecessary will amendments.

Instead, it is often more effective to:

• Ensure a clear residuary clause is included in your will;
• Prepare a separate list of your financial accounts for your executors, stored securely and kept up to date; and
• Discuss your wishes with a solicitor. 

3. How Savings Accounts Pass on Death

a. Savings Accounts in Your Sole Name

If a savings account is held solely in your name, it usually forms part of your estate and is distributed under the terms of your will once probate has been granted. Probate is the court process that confirms the authority of the executor to manage and distribute the estate. 

Once the bank or building society is notified of your death, they will typically:

• Freeze the account to prevent withdrawals;
• Require a Grant of Probate (if the value is above the bank's threshold) before releasing funds; and
• Only release funds to the executor or administrator once proper legal authority is provided. 

Different financial institutions set their own minimum amounts before probate is requested. Some may release funds without probate for smaller estates or amounts below a threshold, but this is at their discretion and not guaranteed. 

b. Joint Savings Accounts

Savings accounts held as joint tenants automatically pass to the surviving joint holder by the right of survivorship, and usually do not form part of your estate or pass under your will. 

If, instead, you and another person hold the account as tenants in common (rather than joint tenants), your share of that account can be distributed under your will like any other estate asset. 

4. Specific Wording for Gifts of Savings

Although not strictly necessary to list accounts individually, you can include wording in your will that gives savings to a specific beneficiary. For example:

“I give all sums standing to my credit in all my bank and savings accounts at the date of my death to [beneficiary's name].”

This kind of wording broadly captures all savings without needing to specify account numbers. 

Whatever wording you use, it should be:

• Clear and unambiguous;
• Expressed with correct names and beneficiary descriptions; and
• Validly signed and witnessed to meet legal requirements. 

5. Probate and Access to Savings

Savings accounts may need probate before funds can be accessed and distributed:

• Probate (or Letters of Administration if there is no will) gives legal authority to deal with savings;
• Executors apply to HM Courts & Tribunals Service for the grant, usually after valuing the estate and reporting it to HM Revenue & Customs; and
• Once probate is granted, banks and building societies release funds to the executor for estate administration and distribution. 

Some banks allow funds to be released for immediate needs like funeral costs or paying inheritance tax before probate is granted. Policies vary by institution. 

6. Practical Actions to Consider

a. Compile a Financial Inventory

Prepare and regularly update a secure list of all savings accounts, including:

• Provider name;
• Sort code and account number;
• Type of account (e.g. ISA, premium bonds); and
• Approximate balances.

Give access instructions to your executor or trusted contact. 

b. Review Joint Ownership Arrangements

Joint accounts may not be controlled by your will. Clarify how these are held and whether you intend them to pass automatically on death. 

c. Seek Legal Advice

A solicitor can:

• Ensure your will reflects your intentions;
• Advise on wording, especially for complex estates;
• Help you navigate probate requirements; and
• Explain tax implications. 

7. Common Questions

Do I include account numbers in my will?
No - it is generally not necessary or advisable. A separate list for executors is more practical. 

Can I leave savings to a partner or friend?
Yes, provided the savings are part of your estate and not subject to survivorship or beneficiary designations. 

What if I make a mistake in my will?
Ambiguous or incorrect wording can lead to disputes and delays. Professional review can reduce this risk. 

8. Summary

Legal review and careful wording help ensure your savings are distributed as you intend. 

Savings accounts form part of your estate and can be included in your will through broad wording or a residuary clause. 

You do not generally need to list each account number in the will; a separate financial inventory for executors is more effective. 

Joint accounts with survivorship rights pass automatically to the surviving holder and usually do not fall under a will. 

Probate may be required before funds can be accessed and distributed.