Shields and Boris Blog on Elder Care, Health Care, and Caring in General

When a will isn’t enough

If you’ve prepared a will, it may be tempting to pat yourself on the back and consider your estate planning duties done.  Unfortunately, it isn’t that easy.  There are a number of different types of property that don’t pass via a will, so you’ll need to address those items separately.

What can’t be covered in your will

Not all assets or type of property can be passed on through your will.  You’ll need to do more than just prepare a will if you have property or assets that fall into any of the following categories:

• Life insurance with a named beneficiary
• Retirement plans like 401k or IRA plans paid to a named beneficiary
• Bank accounts paid upon death to a named beneficiary
• Stock accounts transferred-on-death to a named beneficiary
• Income savings plans
• Property held in joint tenancy
• Property held in a trust

This is one reason that it is so important that you speak with an experienced, qualified estate planning attorney when preparing your will / estate plan.  You don’t want to leave a tangled mess of assets for your estate administrator or your heirs to sort through after you pass.  A complete estate plan will take all of these factors into consideration.