Martin Lewis on tracing dead relative’s Premium Bonds
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Premium Bonds are administered by NS&I, the Government-backed savings institution, and millions of people have holdings. However, when someone passes away, this will form part of their estate, a matter which has to be dealt with fairly promptly. Of course, Britons are often mourning the death of their loved one, and therefore financial issues are likely to be low down on their list.
However, NS&I has issued guidance on what happens when someone passes away to offer peace of mind to those left behind.
When a person dies, interest will still be paid on their account until someone else takes the step to close it.
This is likely to be the Executor of the individual’s Will if they had one, or an Administrator – someone appointed to deal with an estate if no Will was in place.
It is likely, then, that someone will want to claim the savings of a person who has died so the relevant beneficiary can receive the sum.
NS&I: What happens to Premium Bonds when you die? How Britons can receive money (Image: Getty)
NS&I has explained claiming savings of someone who has passed away can be done online.
This can even be achieved without someone needing to create an online account.
The person who is looking to undertake this action will need to be legally entitled to claim a deceased person’s savings.
They will also need the individual’s personal details to hand when making their claim.
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The savings institution has said it will inform Britons if they need to provide a Grant of Representation once individuals send off a completed form to claim the savings.
This may be requested if the customer’s total NS&I savings reach £5,000 or over.
The details individuals are likely to need when claiming NS&I savings are as follows:
- The customer’s personal details (full name, address, date of birth, date and place of death)
- Spouse name (if applicable)
- Full name of the executor(s) if there is a Will, or administrators if there is no Will (if they’re obtaining a Grant of Administration or Confirmation of Executor Dative)
- Type of NS&I account(s) the customer held
- Details of the person who is making the claim
- Bank account details to make the payment into
After a person has passed away, their Premium Bonds can stay in the prize draw for a total of 12 months.
NS&I: The organisation has issued guidance on what happens when someone passes away (Image: Getty)
This means they could still win prizes, but understandably, individuals will want to know what happens if this is the case.
Once NS&I has been informed of a person’s death, any prizes won are to be paid by prize warrant to the person entitled to the money after a claim has been completed.
The organisation holds on to any prizes won by the customer before then, and will send them out once the claim is completed.
It is worth noting, though, that these prizes cannot be paid electronically, nor can they be consolidated to be paid at the end of the 12 month period.
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If the person who has died has won a prize and has received a prize warrant, some may be confused as to what to do next.
But NS&I has thankfully explained the matter further.
Its website states: “Please send the prize warrant back to us and we’ll reissue it to the person entitled to the money, once we’ve completed the claim.
“We’ll also hold on to any other prizes the customer wins until we have completed the claim.
“Then we’ll send any future prizes won by warrant – like a cheque – after each prize draw to the person entitled to the money.”