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re: If you die tomorrow, does your significant other have good grasp on financials?

Posted on 5/31/26 at 12:19 pm to
Posted by LemmyLives
Texas
Member since Mar 2019
16645 posts
Posted on 5/31/26 at 12:19 pm to
quote:

has access to the password manager.

Finally someone mentions this. I have hundreds of passwords, and I know two of them: Amazon and my master password.

It's shocking the amount of password reuse on this board.
Posted by ed3303
Member since Jan 2009
400 posts
Posted on 5/31/26 at 4:17 pm to
Live in GF, she is financially independent but has zero concept of fiscal responsibility. Pays her bills, a lot of her adult kid’s bills and spends the rest as quickly as she can…
I love her but there is no way I would leave her unfettered access to my accounts.
Posted by LemmyLives
Texas
Member since Mar 2019
16645 posts
Posted on 5/31/26 at 5:07 pm to
quote:

I would leave her unfettered access to my accounts.

This is the problem with sharing phone PINs and passwords. The concept of non-repudiation (I can prove it was you because your password was used from your home IP address to clean out that retirement account) evaporates when you share your individual logins. Create separate logins for SO's, and make them part of the "household" or similar, but give them zero ability to impersonate you in any way.

Half of this board is full of dudes that swear their significant other is honest and wouldn't steal just because they don't have tattoos.
quote:

lot of her adult kid’s bills and spends the rest as quickly as she can

shite, I identified my GF's 17 year old child as a potential failure to launch issue that could bite me/us in five years. Your situation sounds like you have the potential to get sued for common law marriage kind of a mess.
Posted by Bard
Definitely NOT an admin
Member since Oct 2008
59644 posts
Posted on 5/31/26 at 5:23 pm to
quote:

Context:
Retired. No FA. SO is engaged and teammate on all decisions. But is not interested nor involved in minutia.


Neither of us are retired, we're around 10 years out.

quote:

- What if you die tomorrow, how will SO proceed?


We are each other's beneficiary on everything and have both medical powers of attorney and durable powers of attorney as well as wills. We know enough about each other's wealth (inheritances, for example) that either of us could get caught up-to-date rather quickly if something were to happen to the other.

quote:

- What if both of you die tomorrow, how will your kids (or other beneficiaries) proceed?


We have no kids. Property-wise, whatever we've inherited from our respective families gets divided up among the remaining siblings of that family (or their children). Moneywise it all gets divided evenly among the nieces and nephews.

Communication on this subject is important for married couples because it's not "if" one of you dies, but when.
Posted by lynxcat
Member since Jan 2008
25230 posts
Posted on 5/31/26 at 5:50 pm to
Timely thread. I was speaking with my wife recently on this.

She knows our finances quite well but she needs better access to some logins. She would have very little visibility to life insurance contacts, for example.
Posted by LemmyLives
Texas
Member since Mar 2019
16645 posts
Posted on 5/31/26 at 8:07 pm to
quote:

We know enough about each other's wealth (inheritances, for example) that either of us could get caught up-to-date rather quickly if something were to happen to the other.

My best friend's dad just died in his late 70s rather quickly. Thankfully, about a month before everything went South, the son "forced" a meeting to document who their car and home insurance was with, etc. It's less about the accounts that have beneficiaries (IRAs and other things covered by wills), and seems to be more about the non financial spouse not even knowing who had their power contract, etc. His wife was a smart woman, but did she know if the husband switched them from AT&T to T-Mobile? State Farm to USAA? It's that minutiae that seems to get lost, that has an immediate 30-60 day impact on the surviving spouse.

I think I'm going to tape a QR code to the back of my license to make this shite easier when I eventually die.
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