Will Beneficiary - Premium Bonds

nomdeplume59

My Father died last year, leaving his entire estate to my sisters and me. They are both executors, I am not (despite having sole responsibility for looking after him and managing all his affairs for the last 15 years, but that's another story). We all get along, and I wish to keep it that way.

Probate is about to be granted, and, apart from his Premium Bond holdings, his estate will be distributed in the next few weeks. However, I have received a letter from the solicitor handling probate telling me that the bonds will remain in situ for the next few months, presumably in the hope of winning more prizes. I was not consulted about this decision.

I am not concerned about waiting for the remaining funds in the bonds, but was very close to my Father, found his death very hard to deal with, and would like the estate settled as soon as possible so that I can start to move on with no outstanding issues bringing it all back. As a simple beneficiary, and not an executor, do I get a say?

AnotherJoe

No you don't have any say. It will be over soon anyway because you only get a year.
Not that it probably helps you but I think this is a poor decision on the executors part, it drags things out and the "interest rate " on PBs is dismal plus if they think there is any realistic chance of winning a big prize they are kidding themselves, and why not just sell up and let every beneficiary choose for themselves whether to have some.
Anyway, not long to go now so hopeful you can put it behind you soon,

Keep_pedalling

AnotherJoe wrote: »

No you don't have any say. It will be over soon anyway because you only get a year.
Not that it probably helps you but I think this is a poor decision on the executors part, it drags things out and the "interest rate " on PBs is dismal plus if they think there is any realistic chance of winning a big prize they are kidding themselves, and why not just sell up and let every beneficiary choose for themselves whether to have some.
Anyway, not long to go now so hopeful you can put it behind you soon,

Although probably a better choice than having the cash sitting in a solicitors client account earning nothing for 6 months or more. Sounds like a simple estate, the main poor choice was to waste money on using a solisitor to handle the estate.

nomdeplume59

My sincere thanks to you both - I shall just have to accept the decision.

Mojisola

nomdeplume59 wrote: »

My Father died last year, leaving his entire estate to my sisters and me.

Probate is about to be granted, and, apart from his Premium Bond holdings, his estate will be distributed in the next few weeks. However, I have received a letter from the solicitor handling probate telling me that the bonds will remain in situ for the next few months

Why not ask for all your share to be given to you now and your sisters can share the PB money between themselves when they decide to cash them in.

If any of them win prizes before that happens, you will still be entitled to a one-third share of the prizes.

troubleinparadise

My late Mum’s PBs (a few hundred £s worth holding) did win a £1000 prize in the year after her death that we two Executors and beneficiaries had left for the allowed duration - so it can happen!

getmore4less

Mojisola wrote: »

Why not ask for all your share to be given to you now and your sisters can share the PB money between themselves when they decide to cash them in.

If any of them win prizes before that happens, you will still be entitled to a one-third share of the prizes.

If you took your beneficial interest of a 1/3 of the PB then you should not get a share of any of the prizes from those left as the beneficial interest would lie with the other beneficiaries.