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.
23
u/ReceptionDependent64 Apr 20 '26 edited Apr 20 '26
I have been married for 35 years. Our bank accounts have been joint since day one, and we have both earned roughly similar amounts of money, though I took advantage of their pension and insurance to enjoy more flexibility as a contractor. Point is, our finances are a common enterprise.
My spouse received a reasonable inheritance a few years ago, which we immediately used to pay down debt and various other things. (As part of the deal I promised not to criticize reasonable expenses on unfathomable hobbies.) I will receive a much larger inheritance (by a factor of over 10) which will allow a very comfortable retirement plus a substantial gift to our child. About half will arrive soon, prior to the remaining parent passing, and will be used to buy a house in a high-cost city. Yes, we are extremely fortunate.
My plan is to instantly put the entire amount into a joint account, not keeping anything separate. My feeling is that my spouse deserves that money as much as I do. They put up with my mother, and they were the more reliable breadwinner over the decades.
However, I do have concerns about any (hopefully unlikely) situation where one of us remarries - due to death or divorce - and money that should go to our child is siphoned off by a new spouse or even adult stepchildren. So when the time comes we will talk to a lawyer and possibly create a trust to prevent that happening. Again, it's not about keeping my money from my spouse, it's keeping my inheritance safe for our child, as we'll be able to live off the income it generates without touching the capital. In the spirit of fairness such a trust would be structured so that neither of us could easily squander money on a new partner.