Premium Bonds after death

Onawingandaprayer

My son-in-law has sadly passed away and I am trying to help my daughter with various things. One is PBs. He had the maximum amount. The best option seems to be for her to keep them for the year that is allowed by NSI, but his winnings were paid directly into his current account which is now closed. So she needs the monthly cheque option, to her as immediate next of kin. Will NSI allow to do this, does anyone know? I couldn't find any info re this on my admittedly cursory look at their FAQs. PS. She doesn't have any of his account holder details, which complicates matters.

Keep_pedalling

Have a read through this document. With £50k in PBs his administrator will almost certainly require probate or if he did not have a will letters of administration.

https://www.nsandi-adviser.com/sites/nsandi-adviser/files/asset/literature/death-claims-brochure-print-friendly.pdf

If you need more advice ask over on the deaths funerals and probate board.

https://forums.moneysavingexpert.com/categories/deaths-funerals-probate

refluxer

Onawingandaprayer said:

My son-in-law has sadly passed away and I am trying to help my daughter with various things. One is PBs. He had the maximum amount. The best option seems to be for her to keep them for the year that is allowed by NSI, but his winnings were paid directly into his current account which is now closed. So she needs the monthly cheque option, to her as immediate next of kin. Will NSI allow to do this, does anyone know? I couldn't find any info re this on my admittedly cursory look at their FAQs. 

Sorry for your loss. The information here should tell you everything you need to do to start dealing with this....  https://www.nsandi.com/help/manage-money-for-others/customers-who-have-died

This FAQ seems relevant to your question...

• If the deceased's Premium Bonds stay in the draw, which they can for up to 12 months (instead of being repaid), who will receive any prizes won?

  Once we’ve been told of the customer's death, any prizes won will be paid by warrant (like a cheque) to the person entitled to the money after we’ve completed the claim. We’ll hold on to any prizes the customer wins before then and send them once the claim is completed. Then we’ll send any future prizes won by warrant after each prize draw to the person entitled to the money.

  We can’t pay these prizes electronically or consolidate them and pay them at the end of the 12 months.

Onawingandaprayer said:

She doesn't have any of his account holder details, which complicates matters.

The executor for the will should be able to trace his account details... https://www.nsandi.com/help/lost-touch-with-nsandi/track-lost-investments

ab56

Sorry for your loss.

With our late Father's premium bond account, we left the bonds until the allowable 12 monthly draws after death.  After which any prizes were paid out when NS&I received the relevant paperwork - probate, form to repay the bonds etc. Note re earlier this year, NS&I were working about a month behind after application, for these type of repayments.

poppystar

As above, you won’t get monthly payment of prizes. They will hold on to them until you submit the paperwork. So if you keep them in for the 12months you will get the value of the bonds plus any prizes won during that 12 months.