Question about cashing I-bonds in trust

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protagonist
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Question about cashing I-bonds in trust

Post by protagonist »

I set up a revocable living trust in my name in 2011, and every year since I have been buying I- bonds in the trust.
Due to change in circumstances I just made a new revocable living trust with the same name, to supersede and invalidate the old trust. The new one is dated November 2021.

Do I need to save the documents from the old trust in order to cash in my 2011-2021 I-bonds?

I am afraid if I save them, and I die, they could cause confusion if for some reason the new 2021 trust documents get lost or destroyed.
Grt2bOutdoors
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Re: Question about cashing I-bonds in trust

Post by Grt2bOutdoors »

Did you not indicate in the powers section of the trustees responsibilities that the latest living trust supersedes any prior living trusts created at earlier dates?
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Topic Author
protagonist
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Re: Question about cashing I-bonds in trust

Post by protagonist »

Grt2bOutdoors wrote: Mon Nov 08, 2021 11:23 pm Did you not indicate in the powers section of the trustees responsibilities that the latest living trust supersedes any prior living trusts created at earlier dates?
I don't see any such statement in the document, no.
That said, I am in sole possession of the old document. I can destroy it.
My concern is that if I do destroy it, would I still be able to withdraw the funds from Treasury Direct in that older trust (I also have some paper bonds in that older trust). I've never taken money out of my Treasury Driect account and am unfamiliar with the process....I don't know what they require as proof that I am the trustee to do so.
The new trust has the same name as the old trust (my own), but it is signed and dated 2021.
HomeStretch
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Re: Question about cashing I-bonds in trust

Post by HomeStretch »

Does the TreasuryDirect entity account name or the I-Bond registration name include the date of the Trust?

If yes, consider calling TreasuryDirect to ask how to update for the new date of the amended and restated Trust.

Please update your post to let us know what TD advises as it may be useful to others posters who buy I-Bonds in a Trust entity account.
student
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Re: Question about cashing I-bonds in trust

Post by student »

Yes. Call them or email them. I did both recently and I the experience was positive.
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HueyLD
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Re: Question about cashing I-bonds in trust

Post by HueyLD »

protagonist wrote: Tue Nov 09, 2021 6:53 am
Grt2bOutdoors wrote: Mon Nov 08, 2021 11:23 pm Did you not indicate in the powers section of the trustees responsibilities that the latest living trust supersedes any prior living trusts created at earlier dates?
I don't see any such statement in the document, no.
That said, I am in sole possession of the old document. I can destroy it.
My concern is that if I do destroy it, would I still be able to withdraw the funds from Treasury Direct in that older trust (I also have some paper bonds in that older trust). I've never taken money out of my Treasury Driect account and am unfamiliar with the process....I don't know what they require as proof that I am the trustee to do so.
The new trust has the same name as the old trust (my own), but it is signed and dated 2021.
As others suggested, call TD and ask. They are prompt, courteous and competent.
Topic Author
protagonist
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Re: Question about cashing I-bonds in trust

Post by protagonist »

Thanks. Yes, I should probably give them a call to be sure.
RubyTuesday
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Re: Question about cashing I-bonds in trust

Post by RubyTuesday »

protagonist wrote: Mon Nov 08, 2021 11:20 pm I set up a revocable living trust in my name in 2011, and every year since I have been buying I- bonds in the trust.
Due to change in circumstances I just made a new revocable living trust with the same name, to supersede and invalidate the old trust. The new one is dated November 2021.

Do I need to save the documents from the old trust in order to cash in my 2011-2021 I-bonds?

I am afraid if I save them, and I die, they could cause confusion if for some reason the new 2021 trust documents get lost or destroyed.
If you plan to continue holding the bonds that you bought under previous trust account, I would think you would want them titled correctly to the new trust. That probably involves either:

- setup new entity account for new trust and use form 5511 to transfer holdings to new trust (if you used your SSN for old trust account and plan to use it for new trust account too, probably an issue to resolve)
- change the titling of the existing trust account to reflect new trust

In both cases you’ll be well served to call TD. In my experience they have been very knowledgeable and helpful on the phone.
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
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