[WSBAPT] Cannot find beneficiary of POD Treasury Bond

[Pclawrence1]

I would be interested in also learning if anyone knows how to change the beneficiary on E Series Bonds.

 

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Jensen Mauseth
Sent: Monday, October 9, 2017 2:53 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Cannot find beneficiary of POD Treasury Bond

 

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

 <http://www.mausethlegal.com/> www.mausethlegal.com

 <mailto:jmauseth at mausethlegal.com> jmauseth at mausethlegal.com

(p) 425.242.5111

(f)  425.242.5114

 

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