I-Bonds after death
Hi Terry, I would like to purchase an I-Bond in the maximum amount. I’m worried about the beneficiary , normally it would be my husband, but I’m 80 and he is 82. Who knows where we will be in five years. And the security seams so complicated. I have 3 kids and 6 grandkids. I was thinking of leaving it equally to the grandkids if my husband isn’t around. Can it be left to more than one person. ? And is it too late for me? And would they know how to cash it in? There are so many security questions. Please advise. Thank You,
Terry Says
The first question is whether you have an “estate plan” — a will, or better yet a Revocable Living Trust. If you have a revocable living trust, you’d buy the bonds in the name of the trust (using your SS number) and then at your death, the successor trustee will distribute you estate the way you have instructed in the trust document — perhaps equally to each of your adult children, with some specific gifts to the grandchildren (keeping in mind that a minor cannot inherit financial assets).
A will would accomplish the same purpose, but it would have to go through the legal process called probate to allow your designated executor to distribute the assets.
If you don’t have either a will or RLT, then the state will determine how and when all your assets are distributed! You don’t want that to happen.
So please write back and let me know how things stand with your estate and then I can answer your question.
Otherwise, just name one person to receive the money POD — payable on death — when you purchase the bonds.
