What Do I Do With Premium Bonds If My Loved One Has Died?
Posted on 5th May 2020
When your loved one passes away, it is never an easy time. You may find that there seems like there is so much to do. At MG Legal, our team of Probate Solicitors in Preston have years of experience dealing with Estate Administration and obtaining Grants of Probate, and we’re always available to help guide you through the process and reduce the stress that you will be going through since this time.
What Do I Do If my loved one had Premium Bonds?
Our team of Probate Solicitors in Preston will write to NS&I (National Savings and Insurance) and request confirmation of the amount of Bonds that the deceased held. NS&I will usually send our team a statement, along with account closure/claim forms.
If Probate is required, our team will add this information to the Inheritance Tax Forms. Once Probate has been granted, our team will complete the forms and arrange to send these to NS&I, along with a certified copy of the Probate.
NS&I should review the forms and let our team know if any more information is required. Once they have everything they need, we should receive funds, along with confirmation that these have been sent.
We can then safely hold these funds in our client account, on behalf of the Estate, until it’s ready to be distributed.
Can the Premium Bonds be used towards Inheritance Tax?
Generally, NS&I will allow money from the Bonds to be used towards payment of Inheritance Tax. Usually, they will provide our team of Probate Solicitors in Preston with a Bereavement Claim Form. Once we submitted the relevant forms to HMRC, they will provide us with an Inheritance Tax reference number, which NS&I will require to make the payment.
NS&I will also need an IHT423 form, which our team of Probate Solicitors in Preston can complete and provide on behalf of the executors or administrators of the Estate.
What amount is the minimum held in Bonds for Probate to be required?
Well, according to previous information provided by NS&I, Probate will be required to collect Premium Bonds if there are more than £5,000.00 of these held by the deceased.
How Can I apply for Probate?
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