Comments on: Possession is 0% of the law http://www.savings-bond-advisor.com/possession-is-0-of-the-law/ Fri, 29 Aug 2008 20:56:19 +0000 http://wordpress.org/?v=2.0.4 by: Tom Adams http://www.savings-bond-advisor.com/possession-is-0-of-the-law/#comment-24682 Wed, 30 Jul 2008 13:45:32 +0000 http://www.savings-bond-advisor.com/possession-is-0-of-the-law/#comment-24682 Maddy - on the other hand, their father can't cash the bonds (or if he does, you can nail him for fraud). So the money is there, gathering interest. Not a perfect situation, but better than it could be. Tom Adams Maddy - on the other hand, their father can't cash the bonds (or if he does, you can nail him for fraud). So the money is there, gathering interest. Not a perfect situation, but better than it could be.

Tom Adams

]]> by: Maddy http://www.savings-bond-advisor.com/possession-is-0-of-the-law/#comment-24647 Wed, 30 Jul 2008 02:11:28 +0000 http://www.savings-bond-advisor.com/possession-is-0-of-the-law/#comment-24647 Scenario: 3 teens who were minors when their Gma died dont find out from the PR who is also their father that they inherited US savings bonds. 2 years go by when he slips. Subsequent litigation ends in 2 are now adults and must hire an attorney to go after $2000 in savings bonds. The kids are told that the probate court does not have jurisdiction to order the PR to give them their POD inheritance. So we go to the tresury who tells us that they will NOT reissue the bonds because they are not lost or stolen, their dad has them. And, the tresury tells us we will have to sue him. He did not and does not have custody. So, you may THINK a POD designation means something but as far as the treasury is concerned it means nothing that a little old lady tried to leave saving bonds to the kids and they will not honor this. If you do this GIVE THE BONDS TO THE BENEFICIARY or invest in something else! Scenario: 3 teens who were minors when their Gma died dont find out from the PR who is also their father that they inherited US savings bonds. 2 years go by when he slips. Subsequent litigation ends in 2 are now adults and must hire an attorney to go after $2000 in savings bonds. The kids are told that the probate court does not have jurisdiction to order the PR to give them their POD inheritance. So we go to the tresury who tells us that they will NOT reissue the bonds because they are not lost or stolen, their dad has them. And, the tresury tells us we will have to sue him. He did not and does not have custody. So, you may THINK a POD designation means something but as far as the treasury is concerned it means nothing that a little old lady tried to leave saving bonds to the kids and they will not honor this. If you do this GIVE THE BONDS TO THE BENEFICIARY or invest in something else!

]]> by: Tom Adams http://www.savings-bond-advisor.com/possession-is-0-of-the-law/#comment-24187 Wed, 23 Jul 2008 16:33:45 +0000 http://www.savings-bond-advisor.com/possession-is-0-of-the-law/#comment-24187 Matt - I'm sorry I misunderstood your question. I checked the lost bond form <a href="http://www.treasurydirect.gov/forms/sav1048.pdf" rel="nofollow" rel="nofollow">PD F 1048</a>, and sure enough, the instructions say: <blockquote> This form must be completed and signed by all persons named on the bonds, or by an authorized representative. </blockquote> So PODs do have to sign the form for claiming lost bonds. In addition, even if she wasn't named on the bonds, she would need to submit a statement if she had them last. From the form's instructions: <blockquote> <b>SOMEONE ELSE HAD THE BONDS</b> – If another person had possession of the bonds or knowledge of the circumstances of the loss, that person must provide a separate statement explaining the circumstances. </blockquote> Tom Adams Matt - I'm sorry I misunderstood your question. I checked the lost bond form PD F 1048, and sure enough, the instructions say:

This form must be completed and signed by all persons named on the bonds, or by an authorized representative.

So PODs do have to sign the form for claiming lost bonds.

In addition, even if she wasn't named on the bonds, she would need to submit a statement if she had them last. From the form's instructions:

SOMEONE ELSE HAD THE BONDS – If another person had possession of the bonds or knowledge of the circumstances of the loss, that person must provide a separate statement explaining the circumstances.

Tom Adams

]]> by: matt http://www.savings-bond-advisor.com/possession-is-0-of-the-law/#comment-24176 Wed, 23 Jul 2008 12:50:12 +0000 http://www.savings-bond-advisor.com/possession-is-0-of-the-law/#comment-24176 i think i mis-stated. the tres dept was never told that the mother had the bonds. They said that reguardless of the location (lost, stolden, distroyed)the pod must sign. i think i mis-stated. the tres dept was never told that the mother had the bonds. They said that reguardless of the location (lost, stolden, distroyed)the pod must sign.

]]> by: Tom Adams http://www.savings-bond-advisor.com/possession-is-0-of-the-law/#comment-24173 Wed, 23 Jul 2008 11:56:33 +0000 http://www.savings-bond-advisor.com/possession-is-0-of-the-law/#comment-24173 Nik - The mother needs to sign the replacement form saying the bonds are lost because she's the last one who had them, not because she's the POD. Since she still has them, she won't sign. Parents refusing to give their adult children Savings Bonds in the child's name is common. This is a country in need of a lot of family therapy. Tom Adams Nik - The mother needs to sign the replacement form saying the bonds are lost because she's the last one who had them, not because she's the POD.

Since she still has them, she won't sign.

Parents refusing to give their adult children Savings Bonds in the child's name is common. This is a country in need of a lot of family therapy.

Tom Adams

]]> by: Nik http://www.savings-bond-advisor.com/possession-is-0-of-the-law/#comment-24109 Tue, 22 Jul 2008 16:16:06 +0000 http://www.savings-bond-advisor.com/possession-is-0-of-the-law/#comment-24109 Maybe I need another cup of coffee. Are you saying that if I have designated a POD beneficiary on an I-bond, that I must get that person's signature on the bond replacement form? What if the POD beneficiary is deceased? What if s/he has moved, cannot be located and we have lost all contact? Maybe I need another cup of coffee. Are you saying that if I have designated a POD beneficiary on an I-bond, that I must get that person's signature on the bond replacement form? What if the POD beneficiary is deceased? What if s/he has moved, cannot be located and we have lost all contact?

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