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The process of changing beneficiary on existing US savings bonds is as follows:
- If you have electronic savings bonds from Treasury Direct, the website of the US Treasury Department, you can fill the form online.
- For paper savings bonds, you have fill out Public Debt Form 4000 and submit the same.
However, while you are changing the beneficiary, you have to take certain precautions that ensure the entire changing process goes smoothly. Following are the things to take care of:
- You have to sign the form to change the beneficiary and your signature has to be certified by a bank
- You should never sign at the back of the savings bonds
- The US Treasury Department will not reissue savings bonds to update change of denomination or address unless the bond is being divided between heirs or between people undergoing divorce.
- If you want to change the beneficiary of savings bonds series E and H, you first have to get consent from the current beneficiary. These two series are no longer being issued by the Treasury. In case the previous beneficiary is deceased, you have to furnish a death certificate.
- You cannot have a co-owner and beneficiary for a savings bond. It can be just one of those.
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