Ask Terry Questions Husband won’t make a will!

Husband won’t make a will!

By Terry Savage on September 24, 2018 | Financial Planning / Retirement

Hi Terry,
My husband and I have been talking about wills. My husband name is on all the cars and the house. Everything that we own is in my husband name. What’s is the best way for us to go? Thank you

Terry Says

This is NOT a good situation. I hope your name is also on the bank and checking accounts. And I hope you are named as beneficiary of his retirement accounts at work!!

I think it’s time to have a real discussion about your family finances. The way to start it is to download the personal financial organizer form — that is offered by a link at the top right corner of my website — Here’s the link to the organizer.

That will force you to go through and list all those financial assets, and discuss other issues like tax returns, accountant’s name, retirement accounts, etc. You need to know how each account is named.
You may have to force the issue. But if you have been signing joint tax returns this is something you MUST do.
Here’s what happens if he gets hit by a car and you are left with no information. If your name isn’t on bank accounts, you suddenly have no cash. If you don’t have your own credit card, you can’t buy groceries! (And without cash you can’t pay the card bill!) AND, lacking a good estate plan, it will take at least a year for a court appointed lawyer to decide who gets what (and runs up a bill doing so). As spouse you are likely entitled to only HALF of the money if there is no will (the children divide the other half) — and it is TRULY A MESS!

Best line: Honey, I’m superstitious. If we don’t have a will or Revocable Living Trust, we are tempting fate!
Second best line: Honey, if you really loved me you would do this. It’s what I want for my birthday, Christmas, etc.

And show him this column on wills and trusts.

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