Having a WILL is not the end-all. I hear all the time that “I need a WILL”. Yes, in most cases, that is true. However, much of what you own may fall outside your WILL. In other words, many of the assets you have right now are not controlled by the existence of a WILL. These assets will be distributed to heirs as provided through other means including a DEED or BENEFICIARY DESIGNATION.
Here is a list of 5 common assets generally not controlled by your WILL:
1. Jointly-Owned Real Estate
2. Life Insurance
3. 401Ks, IRAs, Retirement Accounts
4. Jointly-Owned Businesses
5. Investment Accounts
Most people own any or all of the above. Estate Planning is a lot more than just cranking out a WILL and calling it a day. A good estate planning attorney helps you strategize your whole estate including assets/property not distributed by a WILL and making sur that it all makes sense to you.
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