Preparing for the Future by Trading Chores

“Frank takes care of everything on the outside of the house – the yard, the garage and the car – and I do the cooking, housekeeping and bill paying.”  – Betsy R.

Sound familiar?  Frank and Betsy’s division of labors may not track 100% with the arrangements of other married couples, but oftentimes one spouse does end up being responsible for all the household bills and budgeting.  Married couples need to ensure that both of them fully understand the financial side of their marriage.  It’s just good estate planning to train the other partner so he or she can “carry on when the time comes.” 

The “bookkeeper spouse” should maintain detailed records and instructions on family finances to help the other partner become self-sufficient, if need be. Self sufficiency may not always be possible if a spouse is not in good health.  Many husbands and wives set up living trusts, or a power of attorney, that enable a third person to provide financial management if they become incapacitated.

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