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Found old bonds.What do I do

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C

Charles Dessec

Guest
My cousin died Two years ago, left no will. Found bonds in basement, before the city tore the house down, due to filthy conditions. He was never married, had no children, no will. the bonds are in his name, and his mothers, who is also gone.The city put him in a nurseing home because he was not mentaly fit. who can cash these bonds.
 


A

advisor10

Guest
1-3-2002

DEAR MR. DESSEC:

Please explain:

(1) What type of bonds were found--US Savings Bonds, or bonds issued by a city, etc.?

(2) What is the total value of the bonds?

(3) What state did he die in?

(4) Did he have any brothers or sisters who are still living? If so, then they would have the closest family relationship to be able to legally claim these bonds and cash them. If he had no siblings and you are mostly the only or nearest surviving relative he had, then you have a claim to cash them in, but first, the bonds are a probate asset of his estate, and you would need to file paperwork at the probate court of the county courthouse to become administrator of his estate, which would give you the legal authority to claim all of his assets (the bonds and anything else that might be available, such as his house or bank accounts).
You will not be able to cash the bonds in without gettting official papers from the court authorizing you to be the executor.

You would cash the bonds in, and then if his estate has no other outstanding debts (funeral expenses, taxes, or bills from creditors), then you could keep the money for yourself and close the estate. If there are any bills, you would pay the bills from estate monies and then keep what is left over for yourself.

If you know the month/year and city/state where his mother died, then you need to also check at the probate court of the county courthouse to see if SHE had a last will and testament on file. (If you need help getting that information, send me an e-mail directly to the e-mail address shown below and I can look it up for you.) If she did have a will, you could look at the file to get the name and address of her executor, and if that person is still living, they have the authority to cash the bonds in and would probably give you a little reward for your giving them such good news.


advisor
[email protected]
 
Last edited:

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