Hi - sorry for the long post…
My OH is coming up to 75 and has vascular dementia and is mainly OK at the moment - however he has his moments and has deteriorated since his diagnosis in January. I now do all the finances as he can’t use internet banking, write checks or remember PINs etc. I’m 12 years younger than him and still work full time. We’ve been married 36 years, and since then all money has been ‘ours’ - joint current and savings account, and ISAs/shares which are in individual names as you can’t take out joint ISAs, but the money is still ‘ours’ in our eyes. I know it sounds selfish, but I’m trying to get the finances in order early so that I don’t lose any of my share of the savings! (I may need it myself in a few years time!)
I know it’s advisable to split the joint accounts - so I’m going to move my salary into my own account and then contribute to the household account. All OH’s pensions go into the joint account, and it will be a faff to change those so it makes sense to keep the joint account as the household account. Is it worth splitting the contents of the joint current and savings accounts between the 2 of us?
However, my main question is about the ISAs/shares. It’s worked out that there are more ISAs in his name than in mine - which contain more money. The shares are also in his name as he got those when he was working. So how can I ensure ISA money/shares are treated as 50:50? It’s obviously totally the wrong time to cash in any investments thanks to the economy crashing around our ears! Who would I ask, or where would I look for advice?
Thanks in advance!
My OH is coming up to 75 and has vascular dementia and is mainly OK at the moment - however he has his moments and has deteriorated since his diagnosis in January. I now do all the finances as he can’t use internet banking, write checks or remember PINs etc. I’m 12 years younger than him and still work full time. We’ve been married 36 years, and since then all money has been ‘ours’ - joint current and savings account, and ISAs/shares which are in individual names as you can’t take out joint ISAs, but the money is still ‘ours’ in our eyes. I know it sounds selfish, but I’m trying to get the finances in order early so that I don’t lose any of my share of the savings! (I may need it myself in a few years time!)
I know it’s advisable to split the joint accounts - so I’m going to move my salary into my own account and then contribute to the household account. All OH’s pensions go into the joint account, and it will be a faff to change those so it makes sense to keep the joint account as the household account. Is it worth splitting the contents of the joint current and savings accounts between the 2 of us?
However, my main question is about the ISAs/shares. It’s worked out that there are more ISAs in his name than in mine - which contain more money. The shares are also in his name as he got those when he was working. So how can I ensure ISA money/shares are treated as 50:50? It’s obviously totally the wrong time to cash in any investments thanks to the economy crashing around our ears! Who would I ask, or where would I look for advice?
Thanks in advance!