The Last Will and Testament is one of the most important legal documents any adult can execute in his or her life. It directs the distribution of your property, and, most importantly, assigns a guardian for any minor children.
However, most clients are surprised to learn that the Will does not necessarily direct the distribution of ALL of your property. How can this be? How you hold title to an asset determines to whom it will pass upon your death. So, if you have life insurance or an IRA and you named a beneficiary, the named beneficiary will receive this particular asset – no matter what your Will states. Also, if you hold property jointly, say with a spouse or a child, that asset belongs to the joint owner upon your death. A Will only directs the distribution of property that you hold in your name alone, and that do not have a joint owner or a beneficiary named.
Thus, it is very important to review how your assets are titled along with what your Will states to ensure that one corresponds with the other. Hronek Law can assist you in making any needed changes.