My friend Kaye
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My friend Kaye
| Sat, 12-20-2008 - 12:25pm |
My friend Kaye is a married lady like me. 28 years She had always had an old fashion way of thinking about money. Husband paid the bills She was a stay at home homemaker. Same as me. Nothing wrong with that.
Over the years


Good advice but I'm going to disagree with you on the joint accounts.
Becky
CL of 4th, 5th & 6th grade Scoliosis
If you have bank accounts and other assets labeled "payable on death", you bypass probate altogether on those assets.
My grandfather passed away two years in his sleep. He and my grandma had joint bank accounts, but some of his credit cards were in his name with her as an authorized user. When he passed away, grandma called and let everyone know he had passed. Not one credit card gave her any trouble. They asked her if she would like to maintain the acct in her name only. She closed most of the cards, but did keep their Sears and GM cards. She never had an issue at the bank. His name remained on the acct until she faxed a copy of his death certificate to them. Then his name was removed. Yes, it was a long process but her money was never frozen or held from her. I think it may depend on how things are worded and what state you live in.
In Michigan, if a spouse passes away everything is automatically given to the living spouse.