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what happens to premium bonds when you die
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Premium bonds cannot be inherited or transferred between individuals. They must be cashed in after someone�s death and there is no fee for doing this. However, a bond can remain in the draw for up to 12 months after a death.
The people who inherit the estate get the proceeds of cashing in the bonds, any prize money won during the 12 months after death and any prize money won before death but not yet paid out.
The money must be distributed in accordance with the original owner's will and so if this left specific gifts and cash named people and the remainder of the estate to the executor, then the proceeds are the executor's. If someone dies without a will, then the rules of intestacy will apply to the money.
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