Last Will + Testament
Your will is a legal document in which you give certain instructions to be carried out after your death. For example, you may direct the distribution of your assets (your money and property), and give your choice of guardians for your children. It becomes irrevocable when you die.
Does a will cover everything I own?
No. Generally speaking, your will affects only those assets that are titled in your name at your death and for which there is no designated beneficiary. Typically those assets that are not affected by your will include:
- Life insurance
- Retirement plans
- Assets owned as a joint tenant with right of survivorship
- “Transfer on death” or “pay on death”
- “Community property with right of survivorship”
- Living trusts
- Your spouse’s or domestic partner’s half of community property