separate checking accounts

[George & Sandy]

As we dig deeper into becoming fulltimers in a few short years (note: we will not have a home or home base) we come across things we had not yet thought about (no surprise to many of you, I suspect. Okay, here is the question: how many of you have maintained separate checking accounts and credit cards? I'm not ready to give up that part of my identity. Nor do I think it is particularly wise. Your opinions are always welcome. Thanks.

George (of George & Sandy)

[George & Sandy]

As we dig deeper into becoming fulltimers in a few short years (note: we will not have a home or home base) we come across things we had not yet thought about (no surprise to many of you, I suspect. Okay, here is the question: how many of you have maintained separate checking accounts and credit cards? I'm not ready to give up that part of my identity. Nor do I think it is particularly wise. Your opinions are always welcome. Thanks.

George (of George & Sandy)

[Chief]

G&S--Although not a fulltimer but soon to be, we intend to maintain separate joint accts(separate primary acct owners). Reasoning: If one acct is comprimised or some other problem, the other acct can be used without a problem; both of us maintain our own financial identity; with inet banking xfers between accts are effortless; we don't have to change auto deposits, bill pay etc. Be safe, enjoy life.

[Windy]

We are not full timers but do go away for the winter. We have kept two checking accounts for the same reason Chief does. Just added security for us. We are both on each others account.
Linda

[DSouthw524]

We saw no reason to change our seperate accounts when we went full timing or since we returned to having a home base.

Most of the institutions even have a ability to check in on your account and even get your statements via the web. This ability alows you to oversee activity in your account(s) and get your statement(s) much quicker.

[John Harrelson]

Food for thought..

Make sure EVERYTHING you have is listed or registered as "Mr OR Mrs" ... that means to use first names like "John OR Jane Doe"

If your accounts are set up as John ANDJane Doe the surviving spouse could be in serious trouble because normally all accounts and property is frozen until the estate is settled

Do this with everything you have , checking accounts, saving accounts, bonds, IRAs, automobiles, RVs, boats,

Anything and everything that would be needed by the surviving spouse in case one spouse dies..

Then after the estate is settled the surviving spouse should make the same arrangements with the children or who ever you want to inherit your things..

Why do this you ask ?

Because if for example the checking accounts are in the deceased name only.. the surviving spouse cannot touch the money in the account until the estate is settled..

There have been thousands and thousands of cases where the surviving spouse almost lost the home, car, and even had to depend on family and friends to keep from starving all because the estate took so long to be settled..

I know it's a morbid thought but its something to think about as we get older...

best wishes,
John

[Zimectrin]

Been fulltiming five years and have only one checking account. Seldom write a check (maybe 3 a year). Do everything on Credit Card and pay all bills via internet.

You stated that you will not have a Home Base. You will have to have an address somewhere so the Federal Goverment can find you to collect taxes, insurance company can rate you, and marketers can send you junk mail. That address will be termed your 'Home Base.' Choose it wisely!

[Novi]

This is a really good discussion guys. So much of this stuff gets left unattended to until it is too late. A lot of what John H. says is true!! I have just been dealing with some of this because my elderly mother just died at age 92. I had full legal power of attorney for over 20 years while she lived, and I am the full legal executor of her estate. And I still ran into problems dealing with government and banks. If you have separate accounts make sure both names are on them, and that you have power of attorney for each other, medical and financial. An accident or disease is not always fatal and then another set of problems arise. This is important stuff that does not get talked about enough.