Premium Bonds widow asks how probate time period works – NS&I explains | Personal Finance | Finance

The widow of a Premium Bonds customer has asked NS&I to clarify how the probate rules work.

The woman contacted NS&I over X to ask: “My husband died in January having bought bonds two weeks previously.

“I am waiting for probate and know the Bonds can remain in for one year. My question is does the year count from when he bought the bonds, when he died or when they first entered the draw.”

The savings provider said in response: ” The Bonds can remain in the draws for up to 12 months after the date of death, hope this helps.”

The NS&I website has more advice about what happens in the event that a customer has died.

The webpages states: “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.”

If a prize warrant is sent out to a customer who has deceased, this can be sent back to the provider and reissued to the person entitled to receive the prize.

The information page states: “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.”

Another customer recently contacted NS&I frustrated that they would have send a letter in the post to verify their ID.

They said: “I’ve just got off the phone with you trying to set up a bank account so Premium Bonds can be paid direct to my account.

“Apparently I can’t without sending proof of ID via snail mail. Are you serious? This is not the 19th century, no-one does anything by post now.”

A representative of NS&I responded to explain how the rules work. They said: “We will always try to verify your identify ourselves electronically.

“However, in situations we cannot complete this verification, we’d require you to post your evidence of identity to NS&I, Sunderland SR43 2SB.

“We understand that this may seem intrusive, but we are complying with our legal obligations in line with other financial institutions.”

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