Premium bonds on death of a spouse

Wyrley49

Hi just wondering what happens if your spouse dies and they hold premium bonds. Can you cash them or can they be transferred to you(assuming you are left them in the will)?

getmore4less

they need to be liquidated within a year as they stop winning prizes then.
you cannot transfer them.

mum2one

Thank you - I've got to sort my dads out as well x

2010

You might find this article interesting and note the following.

If the savings are over £5,000 you will also need to send in a Grant of Probate or Confirmation of Executor Nominate, if you live in Scotland.

http://www.telegraph.co.uk/personal-banking/savings/my-husband-and-i-both-own-premium-bonds---what-happens-when-i-di/

xylophone

http://www.thisismoney.co.uk/money/comment/article-4129250/VICTORIA-BISCHOFF-drawbacks-NS-accounts.html

getmore4less

xylophone wrote: »

http://www.thisismoney.co.uk/money/comment/article-4129250/VICTORIA-BISCHOFF-drawbacks-NS-accounts.html

Gross exaggeration for simple estate blown out of all proportion.

lengthy and arduous process of probate.

simple estate a couple of simple forms and a few weeks along with under £250.

I agree that if this is the only asset that requires the grant NS&I are being a bit mean causing this level of costs on anything over £5k

Primrose

As a matter of interest, if thethe bonds for a deceased person are left uncashed for the maximum 12 months, do they continue winning prizes which are either added to the holding if the holder as chosen to reinvest any prizes, or are cheques sent to the executors. who might find it difficult to cash them unless they have set up a separate executors account?