Series EE US bonds of deceased

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Always passive
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Series EE US bonds of deceased

Post by Always passive »

A question:
My wife just found a $100 Series EE savings bond dated 11/1996 under the name of my son (I think it was a gift from a friend of the family). who passed away in 1997 (very painful memories). What can we do with it?
Thesaints
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Re: Series EE US bonds of deceased

Post by Thesaints »

Whose name is on the bond ?
If it is your son's the fact that the friend might be alive or dead is irrelevant. Your son can cash it whenever he likes.
Same applies if your son's name is the second name on rhe bond and it is preceeded by "or"

If instead your son's name has "pod" in front, then you have to provide evidence that the friend (whose name is also on tne bond) has passed, before being able to cash.
Topic Author
Always passive
Posts: 801
Joined: Fri Apr 14, 2017 4:25 am
Location: Israel

Re: Series EE US bonds of deceased

Post by Always passive »

Thesaints wrote:Whose name is on the bond ?
If it is your son's the fact that the friend might be alive or dead is irrelevant. Your son can cash it whenever he likes.
Same applies if your son's name is the second name on rhe bond and it is preceeded by "or"

If instead your son's name has "pod" in front, then you have to provide evidence that the friend (whose name is also on tne bond) has passed, before being able to cash.
Sorry, my son passed away (he was underage), not my friend and the bond is in my son's name
Thesaints
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Re: Series EE US bonds of deceased

Post by Thesaints »

I'm very sorry!I misread your question, my fault.

I'm afraid it might have to go through probate. However it depends on estate laws of your state of residence.
Avo
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Re: Series EE US bonds of deceased

Post by Avo »

Very sorry for the loss of your son.

You should be able to redeem the bond by filling out a form and mailing it in:

https://www.treasurydirect.gov/indiv/re ... ath.htm#no

You will need a medallion signature guarantee from a bank or credit union.
cas
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Re: Series EE US bonds of deceased

Post by cas »

Avo wrote: You will need a medallion signature guarantee from a bank or credit union.
There was a recent long-ish thread about difficulties getting a medallion signature guarantee for EE bond related stuff. (Some banks cooperate; some don't.): viewtopic.php?f=2&t=220965

TreasuryDirect eventually told the OP on that thread this:
However, today a fourth TD agent called and said that if I cannot get a medallion signature, they would accept (in descending order of preference):

1. "corporate stamp or seal" of the financial institution
2. "paid stamp" if they are a "paying agent for cashing paper savings bonds"
3. "a notary is acceptable if the notary is a bank official acting on behalf of the bank and the stamp says 'notary for ABC bank with phone and address'"
With the exception of method #3, if one reads the fine print on the various Treasury Direct forms, (e.g. in fine-print instructions for Part G "Signatures and Certifications" on page 9 of the form that people are pointing to above ("Disposition of Treasury Securities Belonging to a Decedent’s Estate Being Settled Without Administration"), it more or less seems to say the same thing in a more confusing way: (from https://www.treasurydirect.gov/forms/sav5336.pdf )
CERTIFICATION – You must appear before and establish identification to the satisfaction of an authorized certifying officer. The form must be signed in the officer’s presence. The certifying officer must affix the seal or stamp that is used when certifying requests for payment. Authorized certifying officers are available at most financial institutions, including credit unions. Certification by a notary isn’t acceptable. Examples of acceptable seals and stamps:
• The financial institution’s official seal or stamp, including: Signature Guaranteed seal or stamp; Endorsement Guaranteed seal or stamp; Corporate seal or stamp (a corporate resolution isn’t required); or Issuing or paying agent seal or stamp (including name, location, and four-digit identification number or nine-digit routing number).
• The seal or stamp of Treasury-recognized Signature Guarantee Programs or other Treasury-approved Medallion Programs.
In this painful situation (my sincere sympathies), I hope that the OP of this thread encounters a helpful bank, but I mention this in the hope that it might lessen hassle if any bank foot dragging on medallion signature guarantees does pop up.
letsgobobby
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