The Sauk Prairie Eagle – Ask The Professional Column. (Jared Walker Smith)
Answer: A will is an important estate-planning tool but it is not the only means to transfer property at death. There are other “non-probate” ways to transfer property including, among others: life insurance, transfer on death accounts, and property held in joint tenancy. If there is a designated beneficiary then these non-probate assets are not transferred pursuant to the terms of your will. A proper estate plan will utilize and account for these non-probate assets, to ensure that all of your property is being distributed the way you want it to.
Disclaimer: The above information is provided as general information, not as legal advice, and does not create an attorney client relationship. Before making any decisions regarding legal matters, individuals should consult with a qualified attorney.