Finances. Joint account.

[T4lfr]

Hi.
We are based in Scotland. My wife was diagnosed last year (62yo) and is in middle stages I would say.

I still work. She now doesn’t but does get Adult Disability payment monthly.

Our bank accounts are joint and we have savings that are close to the max allowance, that if we were ever to need a care home we would need to pay.

The question is… Should I get a bank account of my own right now, split our savings in half and put my salary into my own account? Or is that pointless?

Anything I read suggests that I should.

Thanks.

 

[Jessbow]

Yes you should, its not your joint saving that determine what you contibute- its her half of it.
Splitting everything is the best thing to do

 

[T4lfr]

Am I right in saying that anything in my name (accounts) aren’t looked at, I guess as long as I haven’t moved money out of the joint account in purpose?

Thanks.

 

[silkiest]

Yes that’s true. Make sure you keep records. I hope you have power of attorneys set up for health and finance because otherwise it could be difficult setting up new accounts for your wife in her name only.
it might be easier in the long run to keep the joint account after splitting the savings into yours and her Accounts. You can then arrange standing orders from you both to pay into that regularly to pay the household bills. If she pays the same amount of you for ongoing bills, maintenance and repairs it could eat into her savings with her reduced income

 

[Jessbow]

Am I right in saying that anything in my name (accounts) aren’t looked at, I guess as long as I haven’t moved money out of the joint account in purpose?

Thanks.

You are right, so you are allowed to put half of what is in the joint into your sole name,
as above, leave her half of the money in the joint, + keep a note of any individual money she has in her name now.

 

[T4lfr]

Thanks @Jessbow. I think I’m going to open an account for just myself and keep the joints for us / her. Makes it easier if say. Do have POA etc.

 

[box23]

I am in a similar position. I would agree now is the time to sort out savings accounts particulary when self funding care home fees as we are. I was shocked to find out that when my husband's money is used up that on our deaths and the sale of our home the local authority will claim half my husband's share of our house. We have always had a will leaving everything to each other. I have now changed my will leaving everything I own to my children. When I was caring for my husband at home we claimed Attendance Allowance. My mistake was not claiming this for many years as this money could go towards care home fees. As soon as there is a diagnosis you can apply. I can legally direct half of my husband's private pension into my bank account. I also have an account just for myself and the joint one is for my husband and some household outgoings. I took advice from a lawyer.

 

[jugglingmum]

I was shocked to find out that when my husband's money is used up that on our deaths and the sale of our home the local authority will claim half my husband's share of our house.

This can only apply if you die first, if your husband dies first there will never be a claim on the house.

And it does depend on the tenancy and wills as @Melles Belles has detailed in a reply to you on a different thread.

 

[box23]

This is not what my lawyer told me, I will check again in case I misunderstood. We are in Scotland.

 

[Izzy]

This is not what my lawyer told me, I will check again in case I misunderstood. We are in Scotland.

Alzheimer Scotland helpline may be useful. The number in in this link -

Money and legal matters | Alzheimer Scotland

It's important to put your financial and legal affairs in order as soon as possible.

www.alzscot.org