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Registering savings bonds with a co-owner ("John Doe or Mary Doe") or
beneficiary ("John Doe, Payable on Death to Mary Doe") can make it easier
to cash the bonds or have them reissued with different names when one person
named on the bonds later dies. In some cases, however, the process for
reissuing or redeeming bonds after the death of an owner can become somewhat
complicated. We briefly explain the less complicated (and more common)
situations here, but you can get more detailed information in
What to do When a Bond Owner Has Died.
If only one person is named on a savings bond, and that person has died, the
bond belongs to his estate. If two people are named on a bond and both have
died, the bond belongs to the estate of the person who died last. The bond
can then be cashed or reissued. In some cases, local financial institutions
can cash the bond.
If one of two people named on a bond has died, the other person becomes the sole owner of the bond just as if she had been the only person named on the bond from the time it was issued. If you're named on a bond with someone who has died, you have several options. Since you're now the sole owner, you can:
(2) cash the bond at a financial institution that redeems savings bonds; or (3) have the bond reissued in your name alone or with another person. It's your choice, but keep in mind that having the bond reissued with another person may simplify things in the future. The procedures you must follow and the documentation you must provide to cash or reissue the bond are different depending on whether you were originally named as a co-owner or as a beneficiary. If all the persons named on a bond have died, there are a variety of procedures and legal requirements that may apply. The complexity of the requirements depends on whether or not there is a court-appointed representative handling the estate, the redemption value of the bonds, whether the bonds are to be reissued or cashed, and the provisions of State law. For more information, including detailed instructions on which forms to use and how to complete them, see What to Do When a Bond Owner Has Died. See also:
Who Can Own Bonds? Return to Main Menu for Series EE/E Bonds
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