T-bill beneficiaries
Can I name three TOD beneficiaries for T-bills I own jointly with my wife in a TreasuryDirect account?
Terry Says
No, your spouse is the automatic beneficiary if you own the securities jointly. If you pass first, and she owns them, she could then name a POD beneficiary. And you can only have one POD beneficiary if you own the securities as an individual.
This is the reason you should open the TreasuryDirect account in the name of your Revocable Living Trust, which presumably would specify that all assets become the property of your spouse, who can act if you are incapacitated. And that trust would presumably make provisions for all three of your children.
It’s time to see your attorney about an estate plan!
