What does POD mean on a EE savings bond?

PAYABLE ON DEATH
If he or she dies, the beneficiary becomes the only owner. The beneficiary can’t be an entity. The registration says “PAYABLE ON DEATH,” or “POD.”

Where can I cash a pod savings bond?

How do I cash my EE and E bonds?

  • If you hold an account at a local bank and it cashes savings bonds, ask the bank if it will cash yours. The answer may depend on how long you’ve held an account there.
  • Send them to Treasury Retail Securities Services along with FS Form 1522 (download or order).

How does an executor cash a savings bond?

If the value of the bonds exceed $100,000 or the estate is being administered by a court, the personal representative (meaning the executor or administrator) of the estate can redeem the bonds by mailing evidence showing his or her appointment as personal representative, a certified copy of the owner’s death …

What happens to a savings bond when someone dies?

If a survivor is named on the savings bond, it does not become part of the deceased person’s estate. Rather, the savings bond belongs to the survivor, who can choose to do nothing, redeem the bond, or have it reissued. If the survivor does nothing, the bond will continue to earn interest until the bond matures.

Can you cash a bond that says pod?

At the original owner’s death, the POD beneficiary takes ownership of the bond and can then either cash it out or hold it until it matures. If you inherit a U.S. Savings Bond as the POD beneficiary, it can be reissued in your name.

Are pod savings bonds taxable?

If the savings bondholder dies and the beneficiary does not realize the deceased bondholder already paid taxes on the interest, the beneficiary will include the 1099-INT income from the bond in her current year taxes. In both cases, whoever cashes in the bond pays double in taxes on the savings bond interest income.

How do you cash savings bonds if owner is deceased?

As the survivor, you have four options:

  1. Do nothing. The bond will continue to earn interest until the bond matures.
  2. Cash (redeem) the bond.
  3. Reissue: Have the bond reissued in the survivor’s name.
  4. Submit a certified copy of the owner’s death certificate, along with FS Form 5396 (download or order).

Can you cash a pod savings bond before death?

Designating someone as the POD beneficiary on your bond does not affect their rights to the bond or any proceeds from it until you die. For example, say that you name your son as the POD beneficiary. As long as you’re alive, he can’t cash in the bond and he has no rights to any interest or principal payments.

Does a will override a POD account?

P.O.D.s typically override a Will or any other financial Estate Planning document (such as a Trust).

How do you cash a savings bond with two names on it?

When you do cash it, you’ll simply sign both names at the bank. Your name is misspelled on the bond? When you are ready to cash the bond, simply sign with your correct name at the bank.