Martin Lewis explains how to claim Premium Bonds if someone has died – ‘act quickly!’
Martin Lewis gives advice on tracing dead relative's Premium Bonds
Martin Lewis Money Saving Expert, has helped hundreds of thousands of Britons with their money-related queries and has used his multiple platforms to offer the latest advice. On his Money Show on ITV, Martin examined the issue of Premium Bonds which are held by millions of people right across the country, as well as those living abroad. One woman, Jane, wrote in to Martin’s show, asking for advice on Premium Bonds.
She said: “My mum passed away about two years ago and I’ve just realised that she might have had some Premium Bonds.
“What happens to them? Are they traceable?”
Thankfully, Martin was on hand to provide further insight into the matter.
His advice is likely to help many people who are in a similar situation and wish to hunt down or claim Premium Bonds.
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He said: “The first thing to say is that Premium Bonds are only in the draw a year after someone has died.
“Then, they are taken out of the draw, so you will need to sort it soon.
“They are traceable, though, and you can go to the NS&I website and it will be able to trace those for you.
“But you should get on this quick, and if someone does pass away, you will really want to act on their Premium Bonds quite quickly.”
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NS&I has also provided further guidance into what people should do if a customer has passed away.
Its website reads: “The death of a loved one is always a difficult time for family and friends.
“We understand that when dealing with grief, the last thing you want to think about is looking after their finances.
“But we’re here to help and support you through these difficult steps and decisions.”
For those who need to claim savings of a person who has passed away, as Martin highlighted, this can be achieved online.
However, a person must check they are legally entitled to claim the deceased person’s savings before they take action.
In some instances, Britons will need a Grant of Representation, which is sometimes known as a Grant of Probate or Grant of Letters of Administration.
However, NS&I will let people know if this is the case once a completed form is received.
The government-backed savings institution may ask for this if savings through NS&I exceed £5,000.
There is, though, important information people should have to hand when it comes to claiming savings.
- The customer’s personal details
- If applicable, a name of a spouse
- Full names of the executor(s) if there is a Will, or administrators if there is no Will
- Type of NS&I account(s) the customer held
- Details of a person making the claim
- Bank account details to pay money into
However, for those hoping to take action on the matter imminently, there is an important issue to note.
NS&I has said it may take approximately five weeks for a form to be processed at the moment.
This is due to the bank having smaller teams at present, due to the COVID-19 pandemic.
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip.
The Martin Lewis Money Show appears on ITV every Thursday at 8.30pm.
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