1622. What should I do with a beneficiary's conserved funds when I stop serving as a representative payee?
When you stop serving as a payee, you must return savings or other investments and any interest earned on the funds to us. We will reissue the returned funds to either a new representative payee or to the beneficiary currently receiving direct payment.
In the event of the beneficiary's death, conserved funds become the property of the beneficiary's estate. Rather than returning them to us, you must give them to the legal representative of the deceased beneficiary's estate for disposition under State law. If no legal representative exists, you must contact the State probate court (or the State agency handling estate matters) for instructions on what to do with the remaining conserved funds.
Last Revised: Feb. 13, 2009