Agreement and Request for Disposition of a Decedent`s Treasury Securities
When a loved one passes away, handling their financial affairs can be a difficult and overwhelming task. One of the many financial assets that may need to be addressed is the decedent`s Treasury securities. If the deceased owned Treasury securities, it is important to understand the proper steps to take to ensure their disposition and avoid complications. In this article, we will discuss the agreement and request for disposition of a decedent`s Treasury securities.
What are Treasury Securities?
Before diving into the agreement and request for disposition process, it is important to understand what Treasury securities are. Treasury securities are loans issued by the United States Department of the Treasury to finance the government`s operations and debt. They are considered a safe and low-risk investment option for individuals and institutions.
There are three types of Treasury securities:
1. Treasury bills (T-bills): Short-term securities that mature within one year or less.
2. Treasury notes (T-notes): Medium-term securities that mature between one and ten years.
3. Treasury bonds (T-bonds): Long-term securities that mature in ten years or more.
Agreement and Request for Disposition of a Decedent`s Treasury Securities
When a person who owns Treasury securities passes away, the executor of the estate becomes responsible for their disposition. The executor is the individual appointed by the deceased in their will, or appointed by the court if no will exists, to manage their affairs and distribute their assets.
To dispose of the decedent`s Treasury securities, the executor must complete an agreement and request for disposition form from the Bureau of the Fiscal Service, which is a part of the U.S. Department of the Treasury. The form is called FS Form 5179.
The form must be completed and returned to the Bureau of the Fiscal Service along with a certified copy of the death certificate, a copy of the will (if there is one), and other required documentation as specified on the form.
Once the Bureau of the Fiscal Service receives the form and supporting documents, they will process the request and transfer the securities to the estate account specified on the form. The executor can then sell or hold the securities as they see fit.
It is important to note that Treasury securities are not subject to probate, meaning they do not need to be included in the probate process. However, the executor does need to complete the agreement and request for disposition form to transfer ownership of the securities to the estate.
Conclusion
Disposing of a decedent`s Treasury securities can be a complicated process, but it is important to handle them correctly to avoid any legal issues. The executor of the estate must complete the agreement and request for disposition form from the Bureau of the Fiscal Service to transfer ownership of the securities to the estate. From there, the executor can sell or hold the securities as they see fit. If you find yourself in a situation where you need to dispose of a decedent`s Treasury securities, be sure to consult with a financial advisor or attorney to ensure you are following the proper steps.