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Administration of a Will
Administration of a Will
Wills are simple, inexpensive ways to address many estates. But they don't do it all. Here are some things that may not be accomplished in a will.
Named Beneficiaries for Certain Kinds of Property
A will can't be used to leave:
- Property you held in joint tenancy with someone else. At death, the deceased's share will automatically belong to the surviving joint tenant(s). A will provision leaving the deceased's share to someone other than the surviving joint tenant, would have no effect unless all joint tenants died simultaneously.
- Property that was transferred to a living trust.
- Proceeds of a life insurance policy for which there is a named beneficiary.
- Money in a pension plan, individual retirement account (IRA), 401(k) plan or other retirement plan.
- Money in a payable-on-death bank account.
Order a Book of Memories
The Book of Memories™ helps with the memorialization; any family member or friend can take advantage of this free service by creating an account and a book to memorialize their loved one.
Prearrangement
Dying is one of the few events in life that is certain to occur, yet one we are not likely to plan for. Should we really spend more time preparing for two weeks away from work than we do our last days on Earth?