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Old 01-14-2013, 06:18 PM   #71
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The number of accounts and who they belong to has no bearing on how decisions are made or money is spent. Accounts are just that. A place that money is parked. Powers of attorney, wills and directed beneficiary accounts like insurance policies, 401k, Roth accounts, trusts and annuities for husbands and wives are useful financial tools. We have separate accounts for many reasons. None of them have to do with a lack of trust or selfishness. We both have access to all of the "papers" needed to provide access to any account should the other be "unavailable". We make our decisions together and chart our course as one. If the measure of a marriage is how money is banked and in whose name then I'm genuinely confused but it works for us. YMMV

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Old 01-15-2013, 03:41 PM   #72
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I insisted DW and I have a separate bank account in addition to our joint account.. Even if both of your names are on a joint bank account, and one dies, the bank may not allow the surviving spouse to write checks on that joint account until probate is completed. A death of a spouse is enough stress, without adding a problem of immediate money access.
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Old 01-15-2013, 03:52 PM   #73
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I insisted DW and I have a separate bank account in addition to our joint account.. Even if both of your names are on a joint bank account, and one dies, the bank may not allow the surviving spouse to write checks on that joint account until probate is completed. A death of a spouse is enough stress, without adding a problem of immediate money access.
Really? It was my understanding that probate wasn't required in all states or all circumstances.

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Old 01-15-2013, 08:07 PM   #74
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Really? It was my understanding that probate wasn't required in all states or all circumstances.

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I think your correct Rick, I can attest it is not required in California.
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Old 01-16-2013, 09:23 AM   #75
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Banks, joint accts, probate

Whether or not a spouse or other persons on a joint checking or savings account will be able to use that account if one of the co-owners dies depends on what state your in and the bank rules. Check with your bank in person don't just call. When you call you never know the depth of the knowledge of the person your talking to even in person sometimes they are wrong! Also check with your Attorney in the state your accounts are located. Do I sound a little paranoid? I've been burned by folks who thought they didn't need probate or could use accounts, sell real estate and other belongings when they didn't have that right. When neglecting to understand the law and the bank's rules can cause some unpleasant and expensive problems at one of the worst times in your or your loved ones life.
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Old 01-16-2013, 09:19 PM   #76
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I was joint on both my mother's and my aunt's accounts - checking, savings, & investments. I didn't probate and was able to get access to everything. I even sold my aunt's house. She had a quit claim deed giving the house to me. This was in FL.
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