[WSBAPT] Cannot find beneficiary of POD Treasury Bond

[Jensen Mauseth]

Good afternoon,

We have a situation where decedent had multiple Treasury bonds (E-Series Bonds) that had Pay-On-Death beneficiaries. For all but one of the bonds we identified the beneficiary and either had the bond reissued or distributed its value.

Unfortunately, there is one bond for which we cannot locate the beneficiary. The Treasury department does not seem to have a process for addressing this situation and this is a first for me. As you know the bond passes outside of probate and should be directly distributed to the named beneficiary. However, being unable to locate the beneficiary or the heirs to her estate, we cannot distribute the bond.

Does anyone have any ideas on how to handle this situation? Should the PR hold the bond in Trust like probate property for a missing heir? Should the bond escheat to the state or the Feds?

Thoughts?

Thanks.
Jensen

Jensen Mauseth
Mauseth Legal, PLLC
320 Dayton Street, Ste. 127
Edmonds, WA 98020
www.mausethlegal.com<http://www.mausethlegal.com/>
jmauseth at mausethlegal.com<mailto:jmauseth at mausethlegal.com>
(p) 425.242.5111
(f)  425.242.5114

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