08/28/2026
Many people believe that once they have a Will, every asset will automatically be distributed according to it.
In reality, a Will does not control every asset you own.
Many assets pass according to beneficiary designations, ownership structure, or state and federal law—not your Will.
Here are some common examples:
✔️ Life insurance beneficiary designations.
✔️ 401k, IRA, and other retirement account beneficiary forms.
✔️ Payable-on-Death (POD) bank accounts.
✔️ Transfer-on-Death (TOD) investment or brokerage accounts.
✔️ Transfer-on-Death (TOD) Deeds for real estate where permitted by state law.
✔️ Jointly owned property with rights of survivorship.
✔️ Assets that have been properly funded into a Living Trust.
✔️ A surviving spouse's legal rights under applicable state law.
✔️ Community property rules in states that recognize community property.
✔️ Valid contracts and beneficiary agreements that legally control the transfer of specific assets.
That's why estate planning is about much more than drafting a Will.
It's equally important to review your beneficiary designations, property ownership, and overall estate plan to make sure everything works together the way you intend.