Does a Will override the beneficiary on a savings bond?

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Does a Will override the beneficiary on a savings bond?

Asked on August 27, 2012 under Estate Planning, California

Answers:

Catherine Blackburn / Blackburn Law Firm

Answered 8 years ago | Contributor

No.  Savings bonds pass outside the estate if they have a named beneficiary.  They will be paid directly to the beneficiary and the will has nothing to do with it.

If you are the beneficiary on the savings bonds, good for you.  If you are the owner of the savings bonds and want them to go to someone other than the beneficiary, you need to change the beneficiary.  You can make your estate the beneficiary by naming "the Estate of _______________" as the beneficiary.  This way, the will would control who gets the savings bonds.  You could also create a living trust and make the trust the beneficiary.


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