What a Will Won’t Do
A will isn't the place to handle certain kinds of property or issues.
Wills are wonderful, simple, inexpensive ways to address many people's estate planning needs, but they can't do it all. Here are some things you shouldn't expect to accomplish in your will.
Leave Certain Kinds of Property
You can't use your will to leave:
- Property you hold in joint tenancy with someone else (or in "tenancy by the entirety" or "community property with right of survivorship " with your spouse). At your death, your share will automatically belong to the surviving co-owner. A will provision leaving your share would have no effect unless all co-owners died simultaneously.
- Property you've transferred to a living trust.
- Proceeds of a life insurance policy for which you've named a beneficiary.
- Money in a pension plan, individual retirement account (IRA), 401(k) plan, or other retirement plan. Instead, name the beneficiary on forms provided by the account administrator.
- Stocks or bonds held in beneficiary (transfer-on-death or TOD) form. If you want to change the beneficiary, contact the brokerage company.
- Money in a payable-on-death bank account. If you want to name a different beneficiary, just fill out a simple form at the bank.
Leave Funeral Instructions
 | Should I put my health care wishes in my will? |  |
Wills are typically not read -- or even found -- until days or weeks after a death. That's too late to be of help to the people who must make immediate decisions about the disposition of a body and funeral or memorial services. Instead, make a separate document spelling out your wishes and tell your executor where to find it when the time comes. (See Final Arrangements FAQ.)
|
|
