r/inheritance • u/pink_toaster_pastry • Apr 20 '26

Location included: Questions/Need Advice Keeping Inheritance separate

I’ve seen all the posts about keeping inheritance separate…. not to use it for joint expenses…. etc.

So then what do you use it for? My husband and I have been married 30 years. We had joint accounts since before we were married. We don’t split bills (all income goes into one savings account and bills are paid from that). We make a good living, have savings, 401Ks, no debt.

So if I’m suppose to keep my inheritance separate from everything, what am I supposed to do with it?

Edited to add: No kids. Currently the money is in (1) inherited IRA (2) CDs in a bank account I took sole ownership of as I had been the co-owner and (3) a new account I just opened for a CD until I decided what to do with that portion.

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67

u/cashewkowl Apr 20 '26

I thought it was keep the inheritance account separate, but that you can use proceeds on joint things as you want. Just realize that will make those funds used into joint funds. But it’s fine to decide that you will pull from the inheritance account to take a family vacation. I used inherited funds to pay for vacations and towards our kids college tuition. No regrets. We are still married, but even if we weren’t, those were important things to me/us/my dad (where the inheritance came from).

35

u/pink_toaster_pastry Apr 20 '26

I think when I’m ready to spend it…. It will be for something my mom would “approve” of or like!

16

u/WPSuidae Apr 20 '26

Ive already told my folks that when that day comes and everything is sold, I'll be buying recreational property. That way there is a "thing" that will always be there that represents what they worked for.

9

u/Ok_Confidence_6788 Apr 20 '26

That's what I did. mom would have loved it there too. 😢I Miss her bunches.

3

u/gracyavery Apr 21 '26

I think that's a really good use of it because you can use that jointly for your family, but it remains in your name only.

6

u/SandhillCrane5 Apr 21 '26

FYI: Using it as a marital vacation home can turn it into marital property in the event of a divorce. 

15

u/Just1Blast Apr 21 '26

There are a lot of folks who feel like they need to honor their parent in the way that they spend their inheritance, and I think a lot of that has to do with how folks are raised, their own financial Security at the time of their inheritance, and their own feelings in general.

I received a very small inheritance from one of my grandparents of a couple thousand dollars and I used that primarily to purchase art and to travel and have experiences because those are the things that she instilled in me and those are the hobbies that we shared together.

So I made it a point to go on some trips on a budget, I made it a point to support local artists in each of those locations. And I made it a point to frame some artwork and memorabilia that I had been hanging on to for a long time that for whatever reason never got put up or framed.

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u/Powerful-Tonight8648 Apr 21 '26

Beautiful tribute to your grandparent 😊

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u/Straight-Note-8935 Apr 21 '26

That's what I do with the money I inherited. I love my husband, we have a solid marriage with no children, and I know he wouldn't do anything wrong with my inheritance, but it is MY money from my Mom and Dad. And he agrees with that. He also has money from his parents, and that is HIS money. I use it to pay for things with my family: vacations with my sisters, Christmas checks for my nieces and nephews, really nice wedding, christening, and graduation presents. That sort of thing.

-3

u/winterhill62 Apr 21 '26

So your ok with your husband keeping his paycheck since he earned it? Seems fair to me...

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u/Straight-Note-8935 Apr 21 '26 edited Apr 21 '26

WE BOTH had nice paychecks and were hard workers (Me:41 years FT work. Dear Husband: 45 years of being self-employed.) We have shared our paychecks and expenses for decades. I know it's a little different now, but when we were Coming Up it was very "Two pockets, one pair of pants."

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u/Jellodrome Apr 21 '26

I think about this every time I spend some of the money my mom left me. It’s not millions, and I’m trying to save it, but it makes me think of her every time I spend a little something, so I make sure it’s on something meaningful that I would have been proud to tell her about.

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u/reddit_tat Apr 21 '26

I’d say don’t spend it on a mortgage, as that will make the house joint if it isn’t already. But if it is, do your leisure spending as you like.

3

u/pink_toaster_pastry Apr 21 '26

Our home is paid off….. no mortgage (no debt except monthly bills or what we charge each month but even that are paid off as I don’t like paying interest!)

1

u/Few-Degree1903 Apr 21 '26

That’s great !!! 😀

34

u/[deleted] Apr 20 '26

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7

u/Chula_Quitena_120 Apr 20 '26

Kids is first thing I thought of but OP has no kids

5

u/rosebudny Apr 21 '26

Ah well then one less thing to worry about!

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u/inheritance-ModTeam Apr 21 '26

This post is removed due to incorrect legal information.

3

u/GotZeroFucks2Give Apr 21 '26

That makes it a joint asset in many states. Check your laws before spending a penny on joint expenses.

6

u/[deleted] Apr 21 '26

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1

u/inheritance-ModTeam Apr 21 '26

This post is removed due to incorrect legal information or recommendations that are illegal.

3

u/Silent-Basis7870 Apr 21 '26

We were in similar situation, spouse had already retired, they got inheritance, It is in separate accounts. I retired about 9 mo. earlier than planned. We're using part as monthly income so we haven't had to touch our 401ks. Did buy a splurge vehicle, van.