Premium Bonds

[grandfatherd]

C an premium bonds be left in a will?

Thanks in advance Danny,

[hc4361]

No. They will be cashed in and the money given to the beneficiary

[ubasses]

You can leave the amount you hold in PSB to someone in your Will but the executor will have to sell them and give them the cash. The actual Bonds cannot carry on. Up to the beneficiary to then repurchase or not

[atalanta]

No. But my father told me that when my mother died he took over her premium bonds, and that he was allowed to own more than the maximum amount because if this. This may have been true at the time, - or not - but a couple of years later he developed dementia, so it is just possible he was imagining things.

[woofgang]

My dad died in 1979 and his bonds had to be cashed in then.

[BAKERS DOZEN]

When dad died we could either hold his bonds for twelve months and collect any winnings or cash them in there and then. We held on to them, they did not win anything and we received a cheque for the value at the end of twelve months. So I think the answer is it is up to the heir but you cannot hold them for more than twelve months.

[gness]

When my husband died I couldn't inherit the bonds but they could remain in his name for one year. After that I had to cash them in and claim the money and any winnings.

[gness]

I did okay BD...during the year they won more than they had when he was alive...:-(

[BAKERS DOZEN]

Gness - He was obviously smiling down on you.

[gness]

With the odd swear word thrown in, BD.....x

[birdbrain49]

my mother had some and we have been able to leave them in for 12 months and receive any winnings as and when, so far we have received 12 winning numbers, so it was worth leaving them in, Good Luck

[dzug2]

On a slightly more legalistic note, if someone was left premium bonds in a will, would the procedure described take place - or would it be regarded as an impossible legacy and the value thus fall into residuary estate and be divided amongst everyone entitled?

I suspect it depends if anyone else wants to challenge it

[Twenty20]

birdbrain49, when you say 'we' received the winnings I presume you mean the executor, who would then have added the amount to your mother's estate? How did they receive the money? It would assume you were still running your mother's bank account after 12 months, which is a little unusual unless there were problems or disputes with the Will (but as winnings from the Bonds were being distributed, there can't have been any problems).