Administration of a Will
Wills are simple, inexpensive ways to address many estates. But they don't do it all. Here are some things that may not be accomplished in a Will.
Named Beneficiaries for Certain Kinds of Property
A Will can't be used to leave:
- Property you held in joint tenancy with someone else. At death, the deceased's share will automatically belong to the surviving joint tenant(s). A Will provision leaving the deceased's share to someone other than the surviving joint tenant would have no effect unless all joint tenants died simultaneously.
- Property that was transferred to a Living Trust.
- Proceeds of a life insurance policy for which there is a named beneficiary.
- Money in a pension plan, Individual Retirement Account (IRA), 401(k) Plan or other retirement plan.
- Money in a payable-on-death bank account.
Daily Grief Support by Email
Grieving doesn't always end with the funeral: subscribe to our free daily grief support email program, designed to help you a little bit every day, by filling out the form below.
Weekly Email Tips to Support a Grieving Friend
It's hard to know what to say when someone experiences loss. Our free weekly newsletter provides insights, quotes and messages on how to help during the first year.
