Ask Terry Questions Savings account Verses something else

Savings account Verses something else

By Terry Savage on November 04, 2023 | Financial Planning / Retirement

Hubby and I have just over $200,000 in a savings account. We did have our money in a CD, but didn’t like knowing that we couldn’t take any out with out paying a fee. So we decided on a savings account.
What do you suggest we do?
Also not sure if you can answer this, but I thought I would just ask. Both our names are on our home, which is paid for. Both names on our car, one year left to pay. Both names on his checking account and my checking account. God forbid one of us passes away. Will the surviving spouse have a hard time with the state of Illinois in getting these things? We do not have a will. I guess what I am asking is if there is no will, will the surviving spouse get these things.
Can you answer me, I hope I explained it for you. Thank you.

Terry Says

First, put your money in Treasury bills. REad this:

Second, you are tempting fate. Don’t ask what happens if you die. Instead, ask what happens if your husband has a stroke, is alive, but can’t sign financial papers!
Then watch this video:

Yes, you need an estate plan. Preferably, a Revocable Living Trust, as explained in the above video. AND, you need to change title to all your accounts and ownership into the name of the RLT. And it doesn’t impact your tax basis or anything else — all explained in the video.

Again, don’t procrastinate. You’re tempting fate. Use an estate planning attorney in your state of residence. Find one at

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