Planning Ahead
Deborah Miller, JD, Sr. Director of Planned Giving, West Virginia University Foundation
Generally, a person’s will
does not control everything
that individual owns. Many
do not understand that.
Knowing what a person’s
will does and does not cover
is important in completing an estate plan. Other
legal documents or forms control certain property
and assets, which are called non-probate assets.
Life insurance, retirement account funds,
annuity policies, financial accounts with “payable
on death” designations, U. S. savings bonds, and
other assets that have a named beneficiary are
examples of non-probate assets. The beneficiary
form for each of these assets determines the
recipient. However, when a person’s estate is
listed as the beneficiary, then their will does
control in that situation.
Other non-probate assets include jointly owned
property, such as real estate or stock accounts.
They will be transferred to the co-owners
“outside” the will. The exception is ownership
by tenants in common. Each owns a proportional
share of the property, and his or her will controls
that person’s share. But when property is owned
jointly with rights of survivorship, then the
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deed or account title controls, not the deceased
person’s will.
Make sure to include the value of these assets
in the overall determination of what you want
your estate plan to accomplish.
While your estate can be the named beneficiary
of life insurance, retirement accounts, etc., doing
that is not always wise. When you decide upon a
recipient, using the beneficiary form to name that
person or non-profit organization will allow the
asset to be transferred more quickly and can save
estate and income taxes in certain situations.
The beneficiary for non-probate assets can be
changed without altering the contents of your
will. That can give you some flexibility in your
overall estate plan, but it’s also important to
check the terms of your will when making any
major beneficiary changes.
Keeping a list of the assets that will not be
controlled by your will and the beneficiaries’
names can be helpful when settling your estate.
Storing the list with your will allows more
efficient efforts by your executor.
That’s good planning.
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