ADMINISTRATION OF A WILL

This information is not legal advice.  It is only provided to give families a general sense of how a will or estate is handled upon the death of a loved one.  This information is not a substitute for competent legal advice.  We encourage you to contact an attorney of your choosing to discuss your legal questions and concerns.

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.