Does a will control all of my property?
Video Transcription
A will definitely doesn’t control all of your property. A will controls your so-called probate property, which is property not covered by contract or other means. For example, your 401Ks, your IRAs, those are controlled by contract, not the will itself. It doesn’t really matter what your will says when you do a beneficiary designation for those types of assets. A will also does not control life insurance, annuities, and other similar financial agreements controlled by contract. A will also doesn’t control jointly held property, which really just goes to the other joint tenants on the properties at your death. When you’re doing an estate plan, you really have to be focused on what your will is covering and what it doesn’t cover.
