Joseph E. Deering Trusts and Estates Law Blog on Lawyers.com

Failure to Understand How Your Assets Will Pass On Your Death

Tuesday, May 12, 2009 by Joseph E. Deering

Photo of Joseph E. Deering

Most People think that their property will pass
by a will. 

This usually is wrong.  In most estates property passes by a variety
of methods:





1.     
Joint
Tenancy—A method of
holding property which automatically gives the property to the survivor
regardless of the will says.



2.     
Life
Insurance—Gives the policy
to the beneficiary unless the owner of the policy is married and then it will
go one half to the surviving spouse regardless of what the owner wishes in California



3.     
Pay on
Death Bank or Stock Accounts (Totten Trusts)—will automatically
go to the beneficiary on the account regardless what the will states.



4.     
IRA and
other Retirement Accounts—will go
to the beneficiary and if there is no beneficiary listed then it will go to
whoever is designated in the retirement plan. 
This could be the estate or someone else—such as a spouse or child



5.     
Property
funded in a Trust—Will go to the
beneficiaries of the trust regardless of what the will  says





6.     
Community
Property—In California regardless what the will says only ¿ of the
community property will go the way the married person states in a will.  The other ¿ will go to the spouse



Usually only property which is titled in you name
alone if you are single will go by way of the provisions of a will.



 
Posted at 14:16 PM
Topic: Trusts and Estates
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