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Conserved Funds |
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As payee, funds not needed for the beneficiary’s current maintenance should be conserved or invested on behalf of the beneficiary in an account that is insured under federal or state law. Any account must show that you, the payee, holds the property in trust for the beneficiary and that you, the payee, has only a fiduciary interest in the funds. In the event that you, the payee, ceases to serve as the beneficiary’s payee, any conserved funds must be returned to Social Security to be transferred to a new payee or to the beneficiary moving into direct pay status. Disposing Conserved Funds After You Stop Being the PayeeIf you will no longer be the payee, you must notify Social Security immediately. When you are no longer responsible for the beneficiary, you must return any funds, including interest and cash on hand to Social Security. We will then reissue the funds to the beneficiary or to a new payee. Disposing Conserved Funds When a Beneficiary DiesWhen a person receiving Social Security payments dies:
Any Conserved funds belonging to the beneficiary are the property of his/her estate. They must be given to the legal representative of the beneficiary’s estate or otherwise handled according to state law. See the below links for information about the laws in your state: |
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