Does a US Saving Bond need to accounted for as part of probate for a UK citizen

conkers5

Hello, I am filling in form IHT205 (return of estate information) as part of a probate application, a relative passed away without leaving a will. One of the items I have found when making an inventory of possessions is a US savings bond in his name (my relation was a UK resident but lived in the US for a number of years). I have checked it's current value, which is not that much by any means, but I am not sure if this should be accounted for as part of his estate, as I am not sure if this can be cashed in now he has passed away - and also does the fact that it is a US savings bond, and he was a UK resident, make it harder to be cashed in? Would really appreciate some advice. Thank you.

xylophone

 Money in a savings account or  assets beneficially owned by the deceased form part of his estate whether held in the UK or abroad.

There is a specific  IHT form for reporting foreign assets.

Gaining access to funds held abroad may not be without complications.

Keep_pedalling

xylophone said:

 Money in a savings account or  assets beneficially owned by the deceased form part of his estate whether held in the UK or abroad.

There is a specific  IHT form for reporting foreign assets.

Gaining access to funds held abroad may not be without complications.

I don’t think that is required unless the value of the bond pushes the estate into IHT territory. It goes in box 9.5 on form IHT205.

Cashing it though is probably going to be a nightmare. On the TresuryDirect website there are instructions for a non US citizen cashing them in, and for someone in the US administering an estate, but nothing about an estate outside the US. I suggest you email them to see if it is possible to cash them and what the process is.

Treasury.Direct@fiscal.treasury.gov

If it turns out it is not possible to redeem them then they have no value so do not need to be declared.

xylophone

 On the TresuryDirect website there are instructions for a non US citizen cashing them in, and for someone in the US administering an estate, but nothing about an estate outside the US. 

I had a quick look - I wonder whether the information here has already been seen by the OP?

https://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_e_bonds_eedeath.htm

It seems that only one person is named on the bond, the OP's relative who has died intestate.

The indication in the above link is that the bond forms part of the relative's estate.