NS&I to pay compensation to bereaved families over account tracing failures

FIREDreamer

https://forums.moneysavingexpert.com/discussion/comment/81938923#Comment_81938923

That’s my plan before I hit 70 - just feed into ISAs!

Section62

https://forums.moneysavingexpert.com/discussion/comment/81940726#Comment_81940726

There used to be a time when getting probate was required for all Deaths.

When was that?

Searching for wills/probate for family history reasons I don't think there has been a period (in England) where probate was mandatory - anecdotally the further back you go (towards the start of the central register in 1858) there seems to be a smaller and smaller percentage of deaths which resulted in a probate/administration grant.

Freeheeler

I've recently dealt with 6 different financial institutions over an estate this year and for all except NS&I, probate was only required for sums over £50,000. So one quick move would be for NS&I to raise their threshold from £5k to £50K so eliminating the need for probate for those who only have Premium Bonds. And that will cut the NS&I workload. Then they can concentrate on the harder systemic problems.

I have only recently opened an NS&I account and shall take the advice here and print out a statement as a back-up. I rarely do financial stuff online so this needs to become a new habit for me.

BreakingGlass

https://forums.moneysavingexpert.com/discussion/comment/81941154#Comment_81941154

Thread drift, but when my son-in-law (serving RAF) passed away, he was owed just over £3600 in 'balance of pay' up to his date of death. HM Forces required Probate before releasing this sum to my daughter.