What Your Will Can’t Do
Your will does not control these assets
- IRAs, 401(k)s and other retirement plan assets. With each account, you will need to name a beneficiary to receive the benefits of your plan on a form provided by the custodian.
- Life insurance policies. You will need to name the beneficiaries of your life insurance policies to receive the death benefits at your death on a form provided by the insurance company.
- Any assets you own jointly with rights of survivorship. If you are the first of the two joint owners to die, your part will automatically pass to the surviving joint owner. Note, however, that your share of assets held as tenants in common will flow through your will to your beneficiaries.
It Doesn’t Have to Be All or Nothing
You can name us as a contingent beneficiary of your retirement plan assets or life insurance policies. That way we benefit only if your primary beneficiary is no longer living.