Reply to Husband is dying - no life insurance or savings, I’m a SAHM

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[quote=Anonymous]how is the house titled? hopefully it's by the entirety or joint with right of survivorship? if not, you need to get that done RIGHT NOW.

bank accounts, are there any in your sole name? you need one, preferably at a bank that doesn't hold any of his debt.

bank accounts and retirement accounts that are solely in his name: need to have beneficiary/ transfer on death designated to be you.

joint accounts: set up transfer permissions in each to be able to transfer out to your sole bank account. set up all needed payees in new account for recurring bills (utilities/mortgage). transfer all funds to your sole acct before the death is reported to social security by the funeral home. (this may be done as a part of issuing the death cert.) many banks lock accounts that are reported to social security.

does he have a recent will?  that needs to get done if not. intestate makes everything harder. you will be able to shield 64,000 in assets/belongings from a bankrupt estate on his death (family, homestead, elective allowance). if you need to get this done, also get a *durable power of attorney* notarized at the same time.

the cars will be very difficult to deal with as they are only in his name. if you have a DPOA, though, you can sell one or both back to the dealers before he dies.

where are you living now? if you can continue living there, then selling the house would give you breathing room. if the house is by the entirety or joint survivorship it will devolve to you outside the probate estate (can't be used to pay his private debts). the heloc is secured by the house and won't be discharged in death.

i'm sorry. good luck.[/quote]

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