A savings bond goes through probate only when no person named on it survives the owner. The estate's legal representative (an executor named in a probated will, or an administrator appointed by the court) then cashes it, distributes it to the heirs, or has it reissued in the estate's name.
Treasury requires court administration when the decedent's Treasury securities are worth more than $100,000 at the date of death (31 CFR 353.71(d)). Treasury charges no fee (TreasuryDirect contact page, as of November 11, 2026), and the forms are free.
ClaimMyBonds is a private guide, not Treasury, TreasuryDirect or a court. Survivors, voluntary representatives and reissue are covered in the full picture of savings bonds after death.
Do Savings Bonds Go Through Probate? Only When No Named Owner Survives
Savings bonds go through probate only when the registration leaves no living person named on the bond: a sole owner's bond, a co-owned bond after both co-owners die, or a POD bond whose beneficiary died first. The table below sorts five common cases.
| Registration and event | Goes through probate? | Who owns it | Rule |
|---|---|---|---|
| One name; owner died | Yes | The estate; the executor acts | 353.70(a) |
| "A OR B"; one died | No | The survivor, as sole and absolute owner; see savings bond co-owner rules | 353.70(b)(1) |
| "A OR B"; both died | Yes | The estate of the co-owner who died last | 353.70(b)(2) |
| "A P.O.D. B"; A died, B alive | No | B; see POD savings bonds | 353.70(c)(1) |
| "A P.O.D. B"; B died first | Yes | A's estate | 353.70(c)(2) |
Source: 31 CFR 353.70 (Series EE and HH); same rules in 315.70 (E and older) and 360.70 (I); eCFR, checked November 9, 2026.
Bonds a Will Cannot Reach: Surviving Co-Owner or POD Beneficiary
A surviving co-owner or POD beneficiary becomes the sole and absolute owner, and the bond is not part of the estate the executor administers (31 CFR 353.70(b)(1), (c)(1)). A POD (payable on death) beneficiary is the person named to receive the bond when the owner dies.
Treasury does not recognize a court decision that impairs survivorship, and it does not accept notices of adverse claims or pending proceedings (31 CFR 353.20(a), (c)). The same rule covers paper Series I (360.20) and E (315.20).
The US Supreme Court upheld this in Free v. Bland, 369 U.S. 663 (1962); whether its fraud exception fits a case is a question for the estate's attorney.
Bonds That Become Part of the Estate
A bond registered to one person alone becomes the property of the decedent's estate (31 CFR 353.70(a)).
When both co-owners have died, the bond belongs to the estate of the co-owner who died last (353.70(b)(2)).
If the order of death cannot be established, paper co-owned bonds belong to both equally (353.70(b)(3)); Part 360 says "the estates of both equally" for Series I. A POD bond whose beneficiary died first is treated as registered to the owner alone (353.70(c)(2)).
Without court administration, who is entitled follows the law of the state where the decedent was domiciled at death (31 CFR 353.71(c), (e)).
When Treasury Requires Probate: More Than $100,000 at the Date of Death
Treasury requires a court to administer the estate when the decedent's Treasury securities, with savings bonds counted at redemption value, total more than $100,000 at the date of death (31 CFR 353.71(d); parallels in 315.71(d), 360.71(d) and 363.44(d); 70 FR 57428, September 30, 2005). Redemption value is what a bond is worth if cashed that month.
The total also counts undelivered payments held on Treasury's records and marketable Treasuries (Treasury bills, notes and bonds) at principal amount. Treasury may also require administration at its discretion in any case. The table below prices two examples.
| Bonds | Face value | Redemption value | More than $100,000? |
|---|---|---|---|
| 10 Series EE bonds of $5,000, issued December 1988 | $50,000 | $103,680.00 (any month since December 2018; stopped earning December 1, 2018) | Yes, administration required |
| 15 Series EE bonds of $10,000, issued June 2010 | $150,000 | $94,320.00 (death in November 2026) | No, if no other Treasury securities push the total over $100,000 |
Redemption values from the Bureau of the Fiscal Service, Savings Bonds Value Files, updated November 2, 2026. The test counts all of the decedent's Treasury securities at the date of death (31 CFR 353.71(d)).
Valuing the Estate's Bonds at the Date of Death
The test uses each bond's redemption value in the month of death, not the face value printed on it (31 CFR 353.71(d)). Values change only on the first of a month (31 CFR 351.3); our savings bond calculator, built on Treasury's published value files, gives the current month.
The December 1988 bonds are worth $103,680.00 and have not changed since they stopped earning on December 1, 2018, so any death since then puts them over the line.
The June 2010 bonds are worth $94,320.00 for a death in November 2026, below their $150,000 face because they have not yet reached 20 years from issue.
For a death in an earlier month, TreasuryDirect's Savings Bond Calculator shows past values back to January 1996 for paper Series EE, I, E and Savings Notes.
Estates of $100,000 or Less Without a Court Case
An estate of $100,000 or less with no court case and no state small-estate procedure can be settled through one voluntary representative on FS Form 5336 (Rev. April 2026), without probate (31 CFR 353.71(e)).
Once a state small-estate procedure is used, FS Form 5336 is closed and the route is FS Form 5394 (31 CFR 353.71(e)(1)(i)). The order of voluntary representatives and who may sign are set out for FS Form 5336.
What an Executor or Administrator Must Show Treasury
An executor or administrator proves authority to Treasury with 3 documents: certified letters of appointment, a certified death certificate for each deceased person named on the bonds, and the bonds themselves, unsigned.
- Letters of appointment: the court's document naming the estate's legal representative; certified, and dated within 1 year.
- Death certificates: certified or sworn by the state or local registrar with a legible seal or stamp; a legible photocopy is accepted; Treasury does not return them.
- The bonds: sent unsigned.
Letters of Appointment Dated Within One Year
Letters of appointment must be dated not more than one year before Treasury receives the request (31 CFR 353.71(a)(2); 363.44(a) for electronic bonds; FS Form 1455).
FS Publication 0064 (Rev. January 2025), Treasury's instructions for administered estates, says letters are valid for one year from issue; otherwise Treasury needs an updated copy showing the appointment is in full force. The death certificate of the last deceased owner is not needed if the letters show the date of death.
Executors of Unprobated Wills and Representatives With Limited Authority
Being named executor in a will that was never probated does not let a bank pay you. FS Publication 0022 (Rev. October 2022) tells banks to send those cases, and representatives with limited or special authority, to Treasury by mail.
The same publication sends small estate affidavits and informally settled estates to the mail route. FS Form 5336 does not count an unprobated will as a document that establishes entitlement, so an estate with only an unprobated will and $100,000 or less may still fit the voluntary-representative route. The executor decides with the estate's attorney.
Can the Executor of an Estate Cash Savings Bonds? 3 Options
Yes: a court-appointed executor or administrator can cash the estate's savings bonds, and has 3 options in all: cash them into the estate, distribute them to the heirs, or have Series EE and I bonds reissued in the estate's name (31 CFR 353.71(a); FS Publication 0064). The table below compares the four forms involved.
| Action | Form (revision) | Who signs | Certification | Result |
|---|---|---|---|---|
| Cash into the estate | FS Form 1522 (Rev. April 2026) | The representative, signed with title | Over $1,000: notary or certifying officer. $1,000 or less: ID copy | Direct deposit to the estate |
| Distribute to heirs | FS Form 1455 (Rev. April 2026) | All fiduciaries (see Co-Executors) | Certifying officer only, no notary | Each heir files FS 1522 or FS 4000; bonds are not split |
| Reissue to the estate (EE, I) | FS Form 4000 (Rev. April 2026) | The representative | Notary or certifying officer | Electronic bond in the estate's TreasuryDirect account |
| Estate already closed | FS Form 5394 (Rev. May 2026) | All competent persons entitled | Certifying officer only | Payment, or EE and I reissue |
Source: FS Forms 1522, 1455, 4000 and 5394 (treasurydirect.gov), revisions as of November 11, 2026; FS Publication 0064 (Rev. January 2025).
Cash the Bonds Into the Estate With FS Form 1522
To cash bonds into the estate, the representative files FS Form 1522 (Rev. April 2026) and signs it with title, for example "Jane Doe, court-appointed representative for John Doe, deceased" (TreasuryDirect court-appointed representatives page, as of November 11, 2026).
Treasury pays by direct deposit only (TreasuryDirect page). The form takes the estate's EIN (the employer identification number the IRS assigns to an estate) as the payee number. Enclose the unsigned bonds, the letters and the death certificates.
When the bonds' total current redemption value is above $1,000, a notary or certifying officer certifies the signature. At $1,000 or less, you enclose a copy of a driver's license, passport, state ID or military ID instead. The form can be filled out line by line, as described for FS Form 1522 cashing by mail.
Distribute Bonds to Heirs With FS Form 1455
To pass bonds to heirs instead of cashing them, the representative files FS Form 1455 (Rev. April 2026), Request by Fiduciary for Distribution of United States Treasury Securities. Each heir then files FS Form 1522 to cash a bond, or FS Form 4000 to keep one that still earns interest (TreasuryDirect court-appointed representatives page).
Each bond goes whole to one distributee, never split, and the letters must again be dated within 1 year. The representative must sign the form before a certifying officer; a notary is not accepted.
The 5 pages of FS Form 1455 are the executor's request to make that distribution.
Reissue Bonds in the Estate's Name
A representative can also have Series EE and I bonds reissued in the name of the estate with FS Form 4000 (Rev. April 2026) (FS Publication 0064; the form's row for a legal representative of an estate).
Paper EE and I bonds are reissued only as electronic bonds in a TreasuryDirect account (31 CFR 353.48(a), 360.48(a)), with no paper reissue since February 14, 2014. The estate therefore needs its own account (31 CFR 363.44(a)).
Treasury does not reissue a bond if the request arrives less than one full calendar month before final maturity (31 CFR 353.45(b)). Matured, H and HH bonds can only be cashed.
Cashing Estate Bonds at a Bank
A bank may cash an estate's eligible bonds (Series A to E, EE, I and Savings Notes) for the legal representative of the last deceased registrant who shows evidence of appointment and the dates of death, but it is not required to (31 CFR 321.7(f); 321.10(a): "encouraged, but is not required"). Dated policies are in the list of what banks cash savings bonds.
Banks cannot pay Series F, G, H, HH, J or K bonds (31 CFR 321.7(a), 321.9(b)), and may not charge a fee for redeeming a bond (31 CFR 321.23(c)). If the bank declines, the FS Form 1522 mail route stays open.
How to Redeem HH Bonds for an Estate
An estate redeems Series HH bonds only through Treasury by mail, at face value and by direct deposit, because every HH bond reached final maturity by August 1, 2024 (TreasuryDirect court-appointed representatives and Series HH pages; FS Forms 1522 and 5336 Part F). Final maturity is the date a bond stops earning interest.
Banks cannot cash H or HH bonds, and HH bonds cannot be reissued. The representative may still distribute an HH bond with FS Form 1455 to a person entitled, who cashes it with FS Form 1522. The history of Series HH savings bonds includes their final maturity and redemption.
Electronic Bonds: The Estate's TreasuryDirect Account
For electronic bonds in a deceased owner's TreasuryDirect account, the legal representative of an administered estate opens a TreasuryDirect account in the estate's name (31 CFR 363.44(a)). Treasury places a hold on the deceased owner's account once you contact it (TreasuryDirect death-of-owner page).
A beneficiary or secondary owner takes electronic bonds despite any will (31 CFR 363.20). Paper bonds are never cashed online, and TreasuryDirect login has worked only through ID.me since October 28, 2026.
How an Executor Signs and Mails Estate Bond Requests: 5 Steps
An executor's request to Treasury takes 5 steps, from the letters to the mailing.
- Order certified letters of appointment dated within 1 year, plus certified death certificates.
- Value each bond at the date of death and list its series, issue date and serial number.
- Complete FS Form 1522, 1455 or 4000 and sign it with your title before the right certifier.
- Send the form, the unsigned bonds and the evidence to Treasury Retail Securities Services, P.O. Box 9150, Minneapolis, MN 55480-9150.
- Keep copies of everything, because Treasury does not return evidence.
Treasury Retail Securities Services processes mailed requests; its phone line is 844-284-2676, Monday to Friday, 8am to 6pm ET.
Co-Executors: Who Must Sign
When an estate has co-executors, all of them sign a request for payment or reissue before maturity, unless a statute, the court decree or the will lets fewer act (31 CFR 353.75(a); FS Form 1455).
At or after final maturity, a request signed by any one or more of the fiduciaries is accepted (31 CFR 353.75(b)). A bank or trust company serving as fiduciary signs through an authorized officer.
Certifying Officer or Notary: The Rule for Each Estate Form
FS Form 1455 must be signed before a certifying officer, and Treasury does not accept a notary on it ("Certification by a notary isn't acceptable", FS Form 1455, Rev. April 2026).
FS Form 1522 accepts a notary or certifying officer above $1,000. FS Form 4000 accepts a notary or certifying officer. FS Form 5394 accepts a certifying officer only. A certifying officer is an authorized officer of a bank, trust company or credit union who certifies the signature with the institution's seal or stamp.
After the Estate Closes: Bonds Found Later Go on FS Form 5394
When the court has closed the estate and bonds turn up later, the persons entitled claim them on FS Form 5394 (Rev. May 2026), not through the former executor's letters (31 CFR 353.71(b); TreasuryDirect court-appointed representatives page).
The evidence is a certified copy, under court seal, of the final account or the decree of distribution. All competent persons entitled sign before a certifying officer, with no notary.
A legal guardian signs for a person under legal disability, a parent for a minor. Series EE and I bonds can be paid or reissued to TreasuryDirect, and older series are paid only. The same form serves state small-estate procedures; see FS Form 5394.
Taxes, Creditors and Heirs Who Decline: Other Rules for Estate Bonds
3 further rules touch an estate's savings bonds: who reports the interest, when a creditor can claim, and how an heir can decline a share.
The income tax side has its own guide on taxes on inherited savings bonds.
Income Tax on Interest in the Estate's Bonds
The personal representative or surviving spouse may elect to report all interest the decedent had deferred on the decedent's final return; otherwise it is income in respect of a decedent, taxed to whoever acquires the bond (IRS Publication 550 (2025)).
IRS Publication 550 sets out the election. The bond's redemption value at the date of death is included in the gross estate (IRS Publication 559 (2025)). Interest earned while the estate holds the bond is covered in the tax guide above. Ask a tax professional about your own return.
Creditors and Disclaimers: FS Forms 1050 and 1849
A creditor can claim on FS Form 1050 (Rev. March 2026) only when there is no administration, no state procedure and no eligible voluntary representative, and is paid no more than the documented debt (31 CFR 353.71(f)). The form accepts no notary and allows no reissue.
An heir who wants to give up a share signs FS Form 1849 (Rev. April 2026), Disclaimer and Consent with Respect to United States Treasury Securities, before a certifying officer. A minor or a person under legal disability cannot use it.
Savings Bond Probate Questions
Can I cash a savings bond that is not in my name?
No, unless Treasury's rules make you the person entitled: a surviving owner, the estate's representative, a voluntary representative, or a person entitled after the estate closes (31 CFR 353.39(b): payment only to the registered owner or other person entitled). See the rules on cashing savings bonds for someone else.
How much would a $100 savings bond from 1985 be worth today?
A $100 Series EE bond issued in any month of 1985 is worth $230.64 in November 2026, unchanged since 1985 issues reached final maturity in 2015 (Fiscal Data Savings Bonds Value Files, updated November 2, 2026). See the 1985 Series EE savings bond value for every issue month.
How long does it take for a $50.00 savings bond to mature?
A paper Series EE bond issued June 2003 or later is guaranteed to be worth at least face value 20 years after issue, and keeps earning until final maturity at 30 years (31 CFR 351.35(f); 351.5). Earlier issues reached original maturity after 8 to 18 years (January 1980 to April 1995) or 17 years (May 1995 to May 2003); see when savings bonds stop earning interest.
How long does Treasury take to process an estate's savings bonds?
TreasuryDirect lists requests for bonds not in your name, which includes estate requests, at "five months or longer" (TreasuryDirect contact page, as of November 11, 2026). The contact page publishes no separate time for FS Form 1455 or 5394. Trust requests take ten months or longer.
Is there a deadline for an estate to cash savings bonds?
No: savings bonds never expire and there is no deadline to cash them (Executive Order 13968, 85 FR 83745). Interest stops at final maturity, and a claim for a lost bond filed 6 years or more after final maturity needs the serial number (31 CFR 353.29(c)). Lost bonds are claimed on FS Form 1048.
Savings Bonds and Estate Planning: Registration Keeps Bonds Out of Probate
A bond with a living co-owner or POD beneficiary stays out of probate, so the registration an owner chooses decides whether the bond ever reaches an executor (31 CFR 353.70).
Paper Series EE and I bonds are reissued only as electronic bonds in the owner's name in a TreasuryDirect account; the owner may then add a secondary owner or beneficiary there (31 CFR 353.48(a), 360.48(a); FS Form 4000, Rev. April 2026). A beneficiary's rights are set out for POD savings bonds.
More Guides for Executors and Heirs
6 related guides cover the situations next to probate.
- Reissuing inherited savings bonds
- Savings bonds and trusts
- A deceased owner's TreasuryDirect account
- Savings bond signature certification
- Find savings bonds of a deceased parent
- Savings bond forms
Rules checked November 11, 2026, against the Treasury sources named above. How we check every rule.