The U.S. Treasury announced today that on January 1, 2012 it will end the sale of over-the-counter paper savings bonds. It’s all digital from there on out. This is the next step in the Treasury’s all-electronic initiative that will save the U.S. government $400 million dollars in the first five years. This comes after their May announcement that as of March 2013, all benefits, including social security, will be paid via direct deposit.
These are just two more illustrations of why planning for digital assets and accounts is essential. Without proper account information, user names, and passwords, heirs may be unaware of digital savings bonds and may experience more problems dealing with social security payments.
Now the the U.S. government has seen the improved efficiency and decreased costs that electronic records can provide, we can expect to see more movement towards electronic financial records in the future.
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