Premium bonds found after probate granted

Hopeicanmakeitbetter

Hi, hope someone can help.
Probate has been completed for my Dad who died a year ago.  We are in the final stages of selling his house.  The process of dealing with probate has been extremely stressful for the executor.  Recently, a letter arrived for my Dad informing him that he had won £25 in Premium Bond prizes.  What do we do with these Premium Bonds?  The thought of having to go through Probate again would cause serious problems for the mental health of the executor.  I’m not sure how many Premium Bonds there are but it is unlikely to be more than £100 or so.  Can we just ignore them, donate to charity or cash them in without having to go through probate again?
Thanks.

kipsterno1

I would start with contacting NS&I to find the value of bonds held and see if this would have an effect on IHT.

If it doesn't and you already have the grant of probate then it shouldn't be an issue having the funds released. They may recall the prize dependent on the date of your fathers death. Bonds can, remain in the draw for up to one year after death after which they get paid out to the estate.

shiraz99

Hopeicanmakeitbetter said:

Hi, hope someone can help.
Probate has been completed for my Dad who died a year ago.  We are in the final stages of selling his house.  The process of dealing with probate has been extremely stressful for the executor.  Recently, a letter arrived for my Dad informing him that he had won £25 in Premium Bond prizes.  What do we do with these Premium Bonds?  The thought of having to go through Probate again would cause serious problems for the mental health of the executor.  I’m not sure how many Premium Bonds there are but it is unlikely to be more than £100 or so.  Can we just ignore them, donate to charity or cash them in without having to go through probate again?
Thanks.

You don't have to go through probate again. Contact the NS&I bereavement service, inform them of the passing of your Dad and, if necessary, use the current grant of probate to get them to either transfer the premium bonds or cash them, then distribute them as appropriate.

Keep_pedalling

The only issue with finding assets after probate has been granted is IHT, but if his estate was below the IHT threshold and the premium bonds don’t take the value of the estate into IHT territory then apart from getting NS&I to pay out to the executor then there is no additional reporting requirements.

If the PB win was over a year after death the prize may no longer be valid, beneficiaries have the option to cash in the bonds immediately or leave them in the draw for 12 months after the holder’s death.

Hopeicanmakeitbetter

Thank you for the kind replies.  Hopefully we can get this sorted without too much hassle.

getmore4less

https://www.nsandi.com/help/manage-money-for-others/customers-who-have-died

shiraz99

Hopeicanmakeitbetter said:

Thank you for the kind replies.  Hopefully we can get this sorted without too much hassle.

They are pretty much on the ball when dealing with bereavements.

RAS

It may be worth trying the lost assets register, but be aware that closes at the end of the month, Unclaimed Asset Register (uar.co.uk)

It's £25, but the executor may think it's worth it for the peace of mind?

Meantime, assure the executor that they did the right thing getting the mail re-direction.