Inherited savings bonds
Ownership rules, your options as a survivor or executor, and the tax basics — from TreasuryDirect's official process.
- If a savings bond names a co-owner or beneficiary who is alive, the bond belongs to that person — it does not go through the estate (TreasuryDirect).
- A named survivor holding a still-earning EE or I bond has three options: do nothing until maturity, cash it, or have it reissued in their own name (TreasuryDirect).
- If the bond has already reached final maturity, the only option is to cash it (TreasuryDirect).
- Deferred interest is reportable when the bond is redeemed or when it matures, whichever comes first (TreasuryDirect).
First: who owns the bond now?
TreasuryDirect's ownership rules (death of a savings bond owner):
| Situation | Who owns the bond |
|---|---|
| Only one person is named, and they died | The bond is part of that person's estate |
| Two people are named, one died | The survivor owns it, as if sole owner from the issue date |
| Two people are named, both died | It belongs to the estate of the person who died last |
For an electronic bond in the deceased person's TreasuryDirect account, contact Treasury first — they place a hold on the account and explain the next steps (TreasuryDirect).
If you are the named survivor
Your options depend on whether the bond is still earning (check here) (TreasuryDirect: inheriting bonds):
- Still earning (EE or I within 30 years of issue): do nothing and let it keep earning, cash it, or have it reissued in your name alone.
- Series HH: all HH bonds matured by August 2024; the remaining option is redemption. Deferred interest shown on the bond became reportable in its final-maturity year even if not cashed (TreasuryDirect).
- No longer earning (E, matured EE, HH): cash it — waiting adds nothing. See matured savings bonds.
If the bond is part of an estate
The path depends on whether a court is involved. TreasuryDirect has a dedicated page for each case: court-appointed representatives and estates without administration (small estates). Each lists the exact form to file.
Taxes when you inherit a bond
Interest that accumulated before and after the death is federally taxable to whoever ultimately gets it (with an option for the decedent's final return to pick up pre-death interest); savings bond interest is exempt from state and local income tax (TreasuryDirect, TreasuryDirect). When you cash the bond you receive a 1099-INT — see how to cash savings bonds. This site describes Treasury's process; it is not tax or legal advice.
Not sure the bonds still exist?
Treasury Hunt, the old search tool, was retired September 30, 2025. For lost or destroyed bonds, or to check if bonds were already cashed, see finding forgotten bonds.