/ Ask Terry Questions / I Bond at death

I Bond at death

By Terry Savage on September 30, 2022 | Chicken Money

I plan to purchase an I Bond. If I pass away (Not planning that, as a young 74–haha), what happens to I Bond. Does it automatically go to my trustee/beneficiaries and then follows same I Bond cashing out rules. How do they notify Treasury Direct??
Thank you

Terry Says

Well, you can name another person as POD — payable on death — on your I-bond purchase. See this article. Then that person would need a copy of the death certificate and proof of identity to have the bond transferred into his or her own name.
If you don’t name a POD, then the bond goes into your estate, to be distributed according to your will.
And if you die without a will, some agent of the court will determine who gets your money! So at the very least, make a will!

money

ASK TERRY

a personal
finance question