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How do you cash in bonds if a person is deceased? 

When a loved one dies, dealing with their financial affairs can feel overwhelming, especially if they held investments like Premium Bonds or savings certificates. You may be wondering, “How do you cash in bonds if a person is deceased?”. Bonds will form part of the estate and must be distributed as outlined in the deceased’s Will. If there isn’t a Will, they should pass to the next of kin under the UK’s intestacy rules.

This article explains how to identify and cash in bonds after someone has died, including who can claim and what documents are required. 

 


Step one: Identify the types of bonds

If you’re not already aware, you must first work out what kind of bonds the deceased held. The easiest way to check what type of bonds the person held is to look through their paperwork. If you’re still unsure or struggling to locate the paperwork, online asset tracing tools exist to help. Common bonds in the UK include: 

  • Premium Bonds (issued by NS&I);
  • Savings certificates (issued by NS&I);
  • Corporate or government bonds;
  • Fixed-term bonds (from banks or building societies).
Each type of bond is handled slightly differently, so read on to find out how to proceed. 

 

Step two: Notify the bond issuer of the death 

Once you’ve identified the provider, you will need to contact them directly to notify them of the death. Most providers will only accept notification of death from the Executor or Administrator and will ask you to provide: 

  • A copy of the death certificate ;
  • Details of the deceased (including name, date of birth, and any account/bond numbers);
  • Proof of your identity and your relationship to the deceased;
  • A copy of the Will, if there is one;
  • Confirmation of the Grant of Probate or Letters of Administration 

If the bonds are with NS&I, you can complete their online claim form or download a paper version.  

 

Step three: Apply to cash in or transfer the bonds 

Once the provider is notified, you’ll usually be given a few options: 

  • Cash in the bonds and have the funds paid to the estate.
  • Transfer the bonds to a beneficiary as outlined in the Will.
  • Hold the bonds in the estate temporarily if there’s an ongoing claim.
With Premium Bonds, NS&I will automatically check for unclaimed prizes up to 12 months after the death. These can still be won even after someone has died, so it’s worth waiting before closing the account immediately. 

 

Step four: Wait for probate to be granted (if required) 

For smaller balances, the bond provider may release the funds without probate. This is typically under £5,000, but each provider will have their threshold. For example, NS&I’s threshold is £5,000.  

If the bond value is above the provider’s threshold, you’ll need to provide: 

  • A Grant of Probate, if there’s a Will;
  • Letters of Administration, if there’s no Will 

Once these are received, the provider will process the payment to the Executor or Administrator of the estate. 

 

Who receives the money? 

The funds from cashed-in bonds are paid into the estate and then distributed according to the Will (or the rules of intestacy, if no Will exists). 

If a specific bond was gifted to a named person in the Will, the Executor should honour that instruction. If not, the bond’s value forms part of the general estate. 

 

Summary 

To cash in bonds after someone dies, you'll need to identify the type of bond, notify the issuer, and provide the correct documents - often including probate. The funds are then paid to the estate and distributed as part of the inheritance process. 

Are you dealing with the death of a loved one?

If someone close to you has passed away and you have questions about probate and what needs to be done, our team of specialists are on hand to help. Discuss the next steps and how professional support can reduce the burden.