Estate Planning Law
Does a will control all of my property?
No, a will only controls that property that is exclusively in your personal name. Assets passed upon death in one of three ways. The first is by will, a will controls those assets that are in your personal name. The second way is by operation of law. An example of operation of law is joint ownership of property, such as joint owners with a right of survivorship, or tenancy by the entireties, as between a husband and wife. And lastly, assets passed upon death by contract. An example of contract is beneficiary designations on things such as life insurance policies, annuities, retirement accounts, or surprising to many people, a trust is nothing more than another form of a contract.