Premium bonds

JasperFrank

About 10 years ago before my mother passed away, she gave me her premium bonds, no idea what I do with them ?? They are in her name 

RobfromCornwall

Sell them?

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

Mikeeee_2

Looks like they can be transferred to either

1. Executor of her will
2. Next of Kin

It depends when she passed away. They are still eligible for prizes up to a year from the date of her death. Depends if they were in her will too. You can contact NS&I to have them transferred to you if there's no will and you are the next of Kin.

More info here: https://www.freewills.co.uk/guides/what-happens-to-premium-bonds-when-somebody-dies#:~:text=NS&I will then transfer the,in or keep them invested.

noitsnotme

If they are still in her name, they were never officially given to you.  They should have been included in her estate and distributed according to the terms of the will or if no will, the rules of intestacy.

You need to inform NS&I of her passing so they can pay them to you - https://www.nsandi.com/help/manage-money-for-others/customers-who-have-died

Depending on the value they may ask for probate.

When did your mother pass away?  Sorry for your loss.

noitsnotme

Mikeeee_2 said:

Looks like they can be transferred to either

1. Executor of her will
2. Next of Kin

It depends when she passed away. They are still eligible for prizes up to a year from the date of her death. Depends if they were in her will too. You can contact NS&I to have them transferred to you if there's no will and you are the next of Kin.

More info here: https://www.freewills.co.uk/guides/what-happens-to-premium-bonds-when-somebody-dies#:~:text=NS&I will then transfer the,in or keep them invested.

That's not correct, in fact that whole page is riddled with bad advice.  Premium Bonds can't be transferred to another person.  They can remain in draws for 12 months following notification of the death (although I'm not sure if 10 years muddies the waters here).  But ultimately they need to be sold and the money will be sent to the executor or other person responsible for the estate.

I did all this just a few months ago as executor for my mother in laws estate.

Mikeeee_2

noitsnotme said:

Mikeeee_2 said:

Looks like they can be transferred to either

1. Executor of her will
2. Next of Kin

It depends when she passed away. They are still eligible for prizes up to a year from the date of her death. Depends if they were in her will too. You can contact NS&I to have them transferred to you if there's no will and you are the next of Kin.

More info here: https://www.freewills.co.uk/guides/what-happens-to-premium-bonds-when-somebody-dies#:~:text=NS&I will then transfer the,in or keep them invested.

That's not correct, in fact that whole page is riddled with bad advice.  Premium Bonds can't be transferred to another person.  They can remain in draws for 12 months following notification of the death (although I'm not sure if 10 years muddies the waters here).  But ultimately they need to be sold and the money will be sent to the executor or other person responsible for the estate.

I did all this just a few months ago as executor for my mother in laws estate.

It does make most things so much more complicated when things are not in the will!

noitsnotme

Mikeeee_2 said:

noitsnotme said:

Mikeeee_2 said:

Looks like they can be transferred to either

1. Executor of her will
2. Next of Kin

It depends when she passed away. They are still eligible for prizes up to a year from the date of her death. Depends if they were in her will too. You can contact NS&I to have them transferred to you if there's no will and you are the next of Kin.

More info here: https://www.freewills.co.uk/guides/what-happens-to-premium-bonds-when-somebody-dies#:~:text=NS&I will then transfer the,in or keep them invested.

That's not correct, in fact that whole page is riddled with bad advice.  Premium Bonds can't be transferred to another person.  They can remain in draws for 12 months following notification of the death (although I'm not sure if 10 years muddies the waters here).  But ultimately they need to be sold and the money will be sent to the executor or other person responsible for the estate.

I did all this just a few months ago as executor for my mother in laws estate.

It does make most things so much more complicated when things are not in the will!

You generally shouldn't list individual assets in a will anyway as they may not exist by the time the death occurs.  We've just had our wills updated through a solicitor and they didn't list our premium bonds in there as they may well be sold by the time we die.

The only time you might want to list a specific asset is if you are leaving something to certain person (jewellery for example).  But as you cannot transfer premium bonds to someone else there is no need to mention them in the will.  They're just something else that needs to be wound up, like bank accounts, and all the proceeds distributed accordingly.

It would be far better to leave a list of savings and investments in a letter stored with the will that would then aid executors and beneficiaries.  That could be updated as and when changes occur without the expense of rewriting a will.  Most people won't do this though and many don't even bother with wills.