BUREAU OF THE PUBLIC DEBT: Legal Aspects of United States Savings Bonds pot

Income Tax Liability on Bonds/Notes Registered in Coownership Form The accompanying table indicates the Federal income tax liability on savings bonds/notes registered in coownership for

BUREAU OF THE PUBLIC DEBT Legal Aspects of United States Savings Bonds

This pamphlet is designed to highlight various "legal aspects" of United States Savings Bonds, with

emphasis on tax liability and reissues

While intended primarily for lawyers, trust officers, accountants, and legal representatives of estates, it may also serve as a guide for anyone who has decisions to make concerning the disposition of

outstanding savings bonds or the form of registration for new bonds

Subjects are discussed here only in summary form The pamphlet is not intended as a substitute for

complete and qualified legal advice For further details, see the regulations contained in current

editions of official Treasury Circulars listed below and referred to in the text

Series E and Series H and Savings Notes (Freedom Shares):

Circular No 530— Governs United States Savings Bonds of all series except EE, HH, and I (Title 31,

Code of Federal Regulations, Part 315) Circular No 653— Offering Circular for Series E Bonds,

issued from May 1941 through June 1980 (Title 31, Code of Federal Regulations, Part 316) Circular

No 905— Offering Circular for Series H Bonds, issued from June 1952 through December 1979 (Title

31, Code of Federal Regulations, Part 332) Circular No 1036— Exchange offering of Series H

Bonds (Title 31, Code of Federal Regulations, Part 339) Public Debt Series No 3-67— Offering

Circular for U.S Savings Notes, issued from May 1967 through October 1970 (Title 31, Code of

Federal Regulations, Part 342)

Series EE and Series HH:

Public Debt Series No 1-80— Offering Circular for Series EE Bonds, issued January 1980 and

thereafter (Title 31, Code of Federal Regulations, Part 351) Public Debt Series No 2-80— Offering Circular for Series HH Bonds (including exchange offering), issued January 1980 and thereafter (Title

31, Code of Federal Regulations, Part 352) Public Debt Series No 3-80— Governs United States

Savings Bonds of Series EE and HH (Title 31, Code of Federal Regulations, Part 353)

Series I:

Public Debt Series No 1-98— Offering Circular for Series I Bonds issued September 1998 and

thereafter in denominations of $50, $75, $100, $500, $1,000, and $5,000 and for Series I Bonds

issued May 1999 and thereafter in denominations of $200 and $10,000 (Title 31, Code of Federal

Regulations, Part 359) Public Debt Series No 2-98— Governs United States Savings Bonds of Series

I (Title 31, Code of Federal Regulations, Part 360)

References to Department of the Treasury circulars hereafter will be to the current edition and will

be abbreviated, such as DC 530 and DCPD 3-80 References to the Code of Federal Regulations will

be by title number and section number, for example, 31 CFR 315.25

Wherever in the text references to bonds indicate that the securities being referred to are of the accrual type, the term "bonds" includes United States Savings Notes

References to Internal Revenue Service Rulings will be to the Cumulative Bulletin for the year in which the ruling was issued For example, Revenue Ruling 143 for 1954, appearing in Volume 2 of the Cumulative Bulletin for 1954 at page 12, would be cited as Rev Rul 54-143, 1954-2 C.B 12

Copies of current Treasury circulars may be obtained from any of the five Federal Reserve Banks or Branches listed below, or from the Savings Bond Operations Office, Parkersburg, WV 26106-1328 Internal Revenue materials should be obtained from the Office of the District Director, Internal Revenue Service

Federal Reserve Offices That Provide Savings Bond Services

Servicing Office Reserve Districts Served Geographic Area Served Buffalo Branch

Federal Reserve Bank

P.O Box 961

Buffalo, NY 14240-0961

716/849-5165

New York and Boston CT, MA, ME, NH, NJ

(northern half), NY, RI,

VT, Puerto Rico, and Virgin Islands

Cleveland and Philadelphia DE, KY (eastern half), NJ

(southern half), OH, PA, and WV (northern panhandle)

Federal Reserve Bank of Richmond

Savings Bond Operations

TN (eastern half), VA, and

WV (except northern panhandle)

Federal Reserve Bank of

Minneapolis

P.O Box 214

Minneapolis, MN 55480-0214

612/204-5000

(ask for "Savings Bond area")

Minneapolis and Chicago IA, IL (northern half), IN

(northern half), MI, MN,

Dallas, San Francisco, Kansas City, and St Louis

AK, AR, AZ, CA, CO, HI,

ID, IL (southern half), IN (southern half), KS, KY (western half), LA (northern half), MO, MS (northern half), NE, NM,

NV, OK, OR, TN (western half), TX, UT, WA, WY,

and Guam

Contents

Income Tax Status 1

The Education Tax Exclusion 2

Shifting of Income Tax Liability 3

Handling of Bonds Upon Death of Owner/Coowner/Beneficiary 5

Federal Estate Tax 12

Federal Gift Tax 16

State Gift Tax 18

State Inheritance Tax 18

Verifying Holdings 18

Payment to Other Than Registered Owner 19

Payments to Minor 20

Series HH Bond Exchange Privilege 20

Partial Redemption 21

Lost, Stolen, Destroyed, or Mutilated Bonds 21

Limitation on Transfer or Pledge 22

Limitation on Judicial Proceedings 22

Chain Letter Schemes 23

Miscellaneous Provisions 23

Income Tax Status

The interest on all United States securities issued since March 1, 1941, is subject to Federal income tax However, the interest is exempt from any taxation of income by a state, municipal, or local taxing authority

Regulations under the Interest and Dividend Tax Compliance Act of 1983 require that the taxpayer identifying number of the person presenting a savings bond/note for payment be furnished at the time

of redemption For individuals, this is their social security number Savings bonds will not be

redeemed if the payee's taxpayer identifying number is not furnished In addition, Series HH bonds will not be issued unless the owner provides the certification of taxpayer identifying number required

by IRS regulations (See IRS Form W-9.) Under certain conditions, interest paid on savings bonds may be subject to backup withholding under the Act

Series E, EE, and I Bonds, and Savings Notes (Freedom Shares)

The difference between the purchase price of a Series E/EE/I bond or savings note and its redemption value is considered interest under the Internal Revenue Code

If a taxpayer is on the accrual basis for income tax purposes, the interest on Series E/EE/I bonds and savings notes must be reported as income each year

If a taxpayer is on a cash basis, however, one of two methods may be chosen in accounting for the interest on the securities They are:

defer reporting of interest until the year in which the Series E/EE/I bonds or savings

notes are cashed, disposed of, or reach final maturity, whichever occurs first, or

report interest each year as it accrues

If a taxpayer elects to report the interest as it accrues, all interest accrued and not previously reported

on all appreciation-type securities owned must be included as income for the tax year in which the election is made Once the election to report interest as it accrues has been made, a taxpayer cannot switch to deferring reporting the interest without prior notification to the Internal Revenue Service This change is exempt from the fee for filing IRS Form 3115 (See 26 CFR 1.454-1, Rev Proc 89-46)

Series H and HH Bonds

Interest on Series H and Series HH bonds is paid semiannually by check or by direct deposit, and must

be reported annually for Federal income tax purposes Direct deposit is mandatory for bonds issued since October 1, 1989

Income Tax Liability on Bonds/Notes Registered in Coownership Form

The accompanying table indicates the Federal income tax liability on savings bonds/notes registered in coownership form and cashed during the lifetimes of both coowners - regardless of which coowner cashes Series E/EE/I bonds or savings notes, or receives the interest on Series H or Series HH bonds

How Purchased

"A" buys bond in name of "A" and

"B" coowners

"A" and "B" buy bonds in coownership

each contributing part of the purchase

price

"A" and "B" receive bonds in coownership

as a gift from "C"

Who is Liable for TAX*

Interest is income to "A" as the person who contributed the purchase price

Interest is income to both "A" and "B" in proportion to their contributions to the purchase price

Interest is income to both "A" and "B"

- 50 percent to each owner

* Also applies to tax-deferred Series E/EE bond and note interest, as noted on Series H/HH bonds

received in exchange

The Education Tax Exclusion

The Technical Corrections and Miscellaneous Revenue Act of 1988 amended the Internal Revenue Code of 1986 to provide a new section 135 (26 USC 135) which authorizes a special tax exclusion of the interest income from savings bonds issued after December 31, 1989 (Series EE and I bonds) and redeemed in a year in which qualified owners pay offsetting post-secondary educational expenses The general provisions of section 135, including restrictions, are outlined below

To qualify for the interest exclusion, the bonds must be of Series EE issued after December 31, 1989,

or Series I bonds The bonds must be issued to individuals who are at least 24 years old on the first day of the month in which the bonds are issued and redeemed in the year in which the owner pays qualified post-secondary educational expenses of the owner, the owner's spouse, or the owner's

dependent If the bonds are intended to help pay for the educational expenses of dependent children, the parent will be able to benefit from the tax exclusion only if the bonds are issued in either one parent's name or both parents' names To be eligible for the exclusion, bonds cannot be issued in the name of a child, although the child may be the registered beneficiary Qualified educational expenses include tuition and fees to an eligible educational institution Room, board, and books are not

qualified educational expenses Eligible educational institutions include colleges, universities, technical institutes, and vocational schools within the United States

For tax years starting after December 31, 1997, “The Taxpayer Relief Act of 1997” enacted August 5,

1997, added contributions to qualified State tuition programs to the definition of qualified higher education expenses This means that if a taxpayer redeems his or her savings bonds and pays the proceeds into a qualified State tuition program, all or part of the interest earned on the bonds

redeemed may be eligible for exclusion from the taxpayer’s modified adjust gross income (MAGI)

3for that year as long as all applicable requirements of the tax regulations are met In other words, contributing eligible savings bond proceeds to a qualified State tuition program is treated in the same manner as payment of those proceeds to a qualified higher education institution

Subject to other limitations outlined in this section, particularly the income limits referred to below, the interest on qualifying bonds will be fully exempt from Federal income tax only if the qualifying tuition and fees paid during the year are equal to or more than the redemption proceeds (principal and interest) of qualified bonds, regardless of how the qualifying bond proceeds are actually used If tuition and fees are less than the value of the bonds cashed, the exemption is proportional to the percentage of the value that was used for tuition and fees For example, if $10,000 worth of bonds are redeemed during the year, but tuition and fees total only $8,000, 80 percent of interest income is exempt from Federal income tax

Income limits apply to the taxpayer's modified adjusted gross income in the year bonds are redeemed and tuition is paid These income limits are adjusted annually for inflation and can be found in the instructions on the IRS Form 8815 for the tax year involved Modified adjusted gross income includes the bonds' accumulated interest before exclusion Married taxpayers must file a joint return to be eligible for the exclusion

The Internal Revenue Service has issued Form 8818 to assist taxpayers in keeping records of bonds that may qualify for the interest exclusion IRS Form 8815 should be filed in the year the exclusion is being claimed To obtain copies of the forms and to get additional information on the exclusion, taxpayers should call or write their district IRS office

Shifting of Income Tax Liability

A change in the registration of a savings bond that does not change its ownership will not result in a shifting of income tax liability This means that if the original sole owner of a bond has it reissued to add the name of another person as coowner or beneficiary, the transaction is not considered a

disposition that requires the owner to include in his or her gross income the accrued interest on the

bond (Rev Rul 64-302, 1964-2 C.B 170; Rev Rul 58-2, 1958-1 C.B 236.) Note, however, that

regulations governing Series I bonds do not permit reissue to eliminate the name of a living owner or coowner from an I bond’s registration unless the owner or at least one of the coowners is obtaining a divorce from his or her spouse or the marriage of the owner or at least one of the coowners is being annulled (See Sections 360.22 and 360.47 in DCPD 2-98.)

Similarly, if a Series EE savings bond is registered in the name of the person who furnished the funds for its purchase and in the name of another person as coowners and the bond is reissued to eliminate

the name of that other person (the one who did not provide the money to buy the bond) no

disposition or taxable event has occurred (Rev Rul 68-61, 1968-1 C.B 346.)

If the name of a living person liable for income tax on an eligible Series E/EE/I bond or savings note is removed, the change in registration is considered a disposition of the bond (See "Income Tax

Liability on Bonds/Notes Registered in Coownership Form," page 2.) For the tax year of the

disposition, the accrued interest must be reported as part of the gross income of the person whose name is removed See Rev Rul 55-278, 1955-1 C.B 471, which discusses the tax aspects of

4making a gift of Series E bonds When a taxable disposition occurs in a reissue transaction, the

reporting and backup withholding provisions of the Internal Revenue Code apply even though no interest payment is received by the former owner

Here are some examples:

Exchange of Series EE for Series HH

The sole owner of Series EE bonds exchanges them for Series HH bonds The Series HH bonds are issued in the owner's name and that of another individual as coowner

The change in registration is not a disposition that requires the original owner of the EE bonds to include in his or her gross income the accrued interest on those bonds The owner has the privilege of continuing to defer reporting the accumulated interest on the Series EE bonds until the tax year in which the Series HH bonds are redeemed, are disposed of, or have reached final maturity, whichever is earlier (Section 1037(a), Internal Revenue Code of 1986 as amended; 31 CFR 352.7(g).) The

original owner of the Series EE bonds must be the owner or the first-named coowner of the Series HH bonds, and he or she is required to include in his or her gross income all of the Series HH bond interest

paid semiannually (Note: No exchange of I bonds for other series of savings bonds is permitted

under the governing regulations.)

Transfer of Bond through Death of Owner

An individual buys a savings bond with a nephew named as coowner (or beneficiary) The purchaser dies after several years; the nephew becomes sole and absolute owner of the bond

The death of the original owner does not result in a taxable event for Federal income tax purposes The income tax liability for the accumulated interest would pass along with the bond to the nephew and would remain his along with liability for additional accruals (See Rev Rul 64-104, 1964-1 C.B 223.) However, if the person filing the final income tax return of the decedent elects to include all interest earned on all bonds owned by the decedent to the date of the decedent's death, the nephew's tax liability would extend only to the interest accruing from that date (See Rev Rul 68-145, 1968-1 C.B 203.)

The tax liability would be the same if the purchaser in this example had bought the bond in his or her name alone, and the nephew had received the bond as a specific legacy and had it reissued in his name However, if the bond were received not as a specific legacy, but as a settlement of a specific dollar legacy, then the legal representative of the estate for Federal income tax purposes would report the accrued interest up to the time of distribution The nephew would assume income tax liability for the interest accruing after reissuance In most cases where the bonds are part of a distributive share, the tax liability for the accrued interest simply passes on to the heirs or legatees

Reissues from Parent to Child

A parent who has bought and held a Series E or Series EE bond for several years decides to make a gift of it to his or her child The bond is reissued in the child's name alone, or with the parent or

5someone else as beneficiary Such a reissue is a taxable event Any accrued interest would have to

be included in the gross income of the parent for the taxable year in which the reissue took place The interest accruing thereafter would be the liability of the child for income tax purposes (See Rev Rul 54-327, 1954-2 C.B.50.) (Regulations do not permit this reissue for I bonds See Section 360.47 of DCPD 2-98.)

Transfer of a Bond to a Trust

Upon the reissuance of bonds to a trust, the owner must include in gross income the accumulated interest on the bonds, including any tax-deferred increment noted on the Series H/HH bonds, unless, under the grantor trust provisions of the Internal Revenue Code, the owner of the bonds is treated as the owner of the portion of the trust represented by the tax-deferred accumulated interest on the reissued bonds If the bondowner is treated as the owner of that portion, the accumulated interest continues to be income of the bondowner rather than of the trust and, therefore, the bondowner can continue to defer reporting the interest earned each year The bondowner must include the total accumulated interest in gross income for the tax year in which the bonds are redeemed, otherwise disposed of, or reach final maturity, whichever is earlier These rules apply when bonds being reissued are Series E/EE/I bonds or savings notes or when bonds being reissued are Series HH bonds received

in exchange for Series E/EE bonds or savings notes

NOTE: In the foregoing examples, it is assumed that all persons are on the cash reporting basis and

have not elected to report their bond interest annually as it accrues Most taxpayers use the cash method of accounting Additional information, and letter rulings, may be obtained by writing to: Internal Revenue Service, Associate Chief Counsel (Domestic), Attention CC:CORP:T, P O Box

7604, Ben Franklin Station, Washington, DC 20044 Contact that office for instructions on the information to be submitted in connection with a letter ruling request

Handling of Bonds Upon Death of Owner/Coowner/Beneficiary

Savings bonds owned by natural persons may be registered in one of three forms - one person as sole owner, two persons as owner and beneficiary, or two persons as coowners Procedures to follow in the event of death of the owner, coowner, or beneficiary are described here for each type of

registration In all cases, appropriate evidence may include: certified copies of death certificates; certified copies of letters of appointment; and/or, certified copies of final accounts and court decrees and orders

One Person as Sole Owner:

A bond registered in the name of one individual only (or to which the decedent was the sole person entitled at the time of death) becomes a part of the estate on the death of the owner (See Section 315.70(a) of DC 530, Section 353.70(a) of DCPD 3-80, and Section 360.70(a) of DCPD 2-98.) In such cases, the bond will be paid or reissued upon the request of the legal representative of the

decedent's estate, in accordance with Treasury regulations The procedure to be followed will depend

on whether the estate is administered and whether the bonds are of Series I or of another series, such

as, E, EE, H, or HH

In the course of administration

If the estate is being administered, the bond may be paid to the representative or reissued in the name

of a distributee (See Section 315.71(a) of DC 530, Section 353.71(a) of DCPD 3-80, and Section 360.71(a) of DCPD 2-98.) For Series I bonds, the representative should use Public Debt Form 5394

to request redemption or reissue of bonds of that series He or she should follow instructions on the form and provide any supporting evidence and forms indicated in those instructions

For savings bonds of other series and savings notes, the representative’s requests for payment should

be supported by evidence of the representative's authority and can be submitted to any financial

institution qualified as a savings bonds paying agent On the back of each bond in the estate, the representative’s signature in each request for redemption should include a reference to the fiduciary

capacity and should be certified or guaranteed if the agent opts not to redeem the bonds and instead

elects to forward the bonds unpaid to a servicing Federal Reserve Office for redemption

Representatives requesting reissue should file Public Debt Form 1455 along with evidence of the representative's authority If the new owner desires to name a coowner or beneficiary, an additional request on Public Debt Form 4000 should be executed (This can be a simultaneous transaction if both forms are submitted with the bond to a servicing Federal Reserve Bank or Branch.) The

representative’s evidence of authority should be certified to be true and correct under seal of the court clerk and should be dated within 6 months of the transaction if more than a year has passed since the representative’s appointment

After administration is closed

If the decedent’s estate has been settled in court, the bond will be paid to, or reissued in the name of, the appropriate heir or legatee as determined by court records (See Section 315.71(b) of DC 530, Section 353.71(b) of DCPD 3-80, and Section 360.71(b) of DCPD 2-98.) Persons entitled to Series I bonds should use Public Debt Form 5394 and follow procedures in instructions on that form

For savings bonds of other series and savings notes, the persons entitled to the decedent’s estate may execute the requests for payment on the backs of the bonds or use a detached request for payment (Public Debt Form 1522) If reissue is desired, the heirs should execute Public Debt Form 4000 Requests for either payment or reissue should be supported by evidence of the court's determination,

e.g., a certified copy of the court-approved final account for the estate, the court’s decree of

distribution, or other pertinent court records

Without administration

For Series I bonds, if no legal representative of the decedent's estate has been or will be appointed, persons entitled should use Public Debt Form 5394 and follow procedures in instructions on that form (See Section 360.72 of DCPD 2-98.)

For savings bonds of other series and savings notes, the bonds may be paid or reissued pursuant to an agreement signed by all persons entitled to share in the estate (Public Debt Form 5336 for all series of

savings bonds, except Series I bonds.) Such persons are determined in accordance with state law

Payment of outstanding debts can also be accomplished in this manner, but bonds may not be reissued

in the name of a creditor (See Section 315.72 of DC 530 and Section 353.72 of DCPD 3-80.)

Special provisions for payment of small amounts

If there is no legal representative of the decedent's estate, bonds will be paid upon the request of the person who paid the decedent's burial expenses in certain circumstances For Series I bonds, use Public Debt Form 5394 and follow instructions on that form (See Section 360.72(b)(11) of DCPD 2-98.) For savings bonds of other series and savings notes not exceeding $500 face amount, use Public Debt Form 2216 (See Section 315.72(d)(1) of DC 530 and Section 353.72(d)(1) of DCPD 3-80.)

If the decedent died without leaving a will, and no legal representative of his or her estate has been or will be appointed, bonds (other than bonds of Series I) and notes not exceeding $1,000 in face amount may be paid pursuant to the request of the survivors based on an order of precedence (Public Debt Form 4881) (See Section 315.72(d)(2) of DC 530 and Section 353.72(d)(2) of DCPD 3-80.) For Series I bonds, Public Debt Form 5394 should be used (See Section 360.72 of DCPD 2-98)

Two Persons as Owner and Beneficiary:

When a bond is registered in the name of one individual with a second person as beneficiary, the death

of the owner results in the surviving beneficiary becoming the sole and absolute owner of the bond However, the beneficiary must provide proof of death of the owner in order to cash the bond or have

it reissued (See Section 315.70(c) of DC 530, Section 353.70(c) of DCPD 3-80, and Section

360.70(c) of DCPD 2-98.) For Series E and Series H bonds and notes, if the beneficiary dies first, the owner may, upon submitting proof of the beneficiary's death, have the bond reissued to name another beneficiary or coowner Proof of the beneficiary’s death is not required in the case of Series EE/HH/I bonds (See Section 353.51 of DCPD 3-80 and Section 360.51 of DCPD 2-98) If the bond is not reissued, it will be treated as though it had been registered in the name of one person as sole owner

Two Persons as Coowners:

When a bond is registered in the name of two individuals as coowners, upon the death of one, the surviving coowner becomes the sole and absolute owner of the bond If the decedent bought

the bond, the Federal income tax liability on the interest earned to date of death ordinarily shifts to the survivor The bond may:

1 be redeemed

2 be reissued Proof of death of the other coowner and a request on an appropriate

form— Public Debt Form 5387 for Series I bonds, and Public Debt Form 4000 for savings bonds of other series and savings notes— are required

3 be retained without reissue If the bond is not reissued, it will be treated as if it had

been registered in the name of the survivor alone (See Section 315.70(b)(1) of DC

530, Section 353.70(b)(1) of DCPD 3-80, and Section 360.70(b)(1) of DCPD 2-98.)

Death in Common Disaster

If both coowners should die under conditions where it cannot be established, either by presumption of law or the circumstances surrounding their deaths, which coowner died first, the bond is considered as belonging to the estates of both equally, and payment or reissue is made accordingly (See Section 315.70(b)(3) of DC 530, Section 353.70(b)(3) of DCPD 3-80, and Section 360.70(b)(3) of DCPD 2-98.) If both owner and beneficiary should die under the above conditions, the bond is treated as though it were registered in the owner's name alone, and payment or reissue is made accordingly (See Section 315.70(c)(2) of DC 530, Section 353.70(c)(2) of DCPD 3-80, and Section 360.70(c)(2) of DCPD 2-98.)

NOTE: Banks and other paying agents are permitted, but not required, to redeem bonds in certain

cases where documentary evidence is required - such as death certificates, letters of appointment, etc

(See 31 CFR 321.7.)

Rights of Survivors - Bonds Not Subject to Probate of Decedent’s Estate

The legal representative of a decedent's estate should be aware of the rights of surviving coowners and beneficiaries Savings bonds registered in either coownership or beneficiary form become the sole property of the survivor, notwithstanding any terms of a will to the contrary, or any laws of descent and distribution The bonds do not pass through the decedent's estate, whether or not it is

administered Although they do not form a part of the decedent's estate for PROBATE purposes, their value usually must be included in computing the gross estate for estate and inheritance TAX purposes

Redemption - Deceased Owner Cases

For full details: See Treasury Circulars No 530, Subpart L and PD Series No 3-80, Subpart L This chart covers all series Exceptions for Series I bonds are noted Also, see Treasury Circular, PD Series No 2-98, Subpart K.

Bond Inscription and

Circumstances

Form of Request for Payment

Evidence Normally Required

Single owner form; owner

deceased; estate being

administered

John Doe, administrator (executor) of estate (will) of

Richard Roe, deceased

Certified copy of letters of administration (For Series I bonds, see Public Debt Form

5394*)

Coowner or beneficiary

form; both persons deceased;

estate of person who died

last being administered

John Doe, administrator (executor) of estate (will) of Richard Roe (name of last deceased)

Certified copy of letters of administration for last deceased and death certificates of both (For Series I bonds, see Public

Debt Form 5394*.)

Single owner form; owner

deceased; estate closed.*

John Doe, person entitled to estate of Richard Roe, deceased

Certified copy of decree of distribution or final account (For Series I bonds, see Public Debt Form 5394) Coowner or beneficiary

form; both persons deceased

and estate of last deceased

Single owner, coowner, or

beneficiary form; all persons

deceased; estate of last

deceased will not be

Persons entitled to savings bonds of other series and savings notes should use Public Debt Form 5336, Public Debt Form 4881, or Public Debt Form 2216, as appropriate Certified copies

of death certificate(s) and an unprobated will of the last deceased may be required

See instructions on the appropriate form

* Paying agents are not authorized to redeem bonds in these cases Bonds should be forwarded to a

Federal Reserve Bank or Branch for payment