John B. Whalen Wills and Probate Law Blog on Lawyers.com

Pa Last Wills and Asset Titles?

Monday, September 15, 2008 by John B. Whalen

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Be aware that a Will may not dispose of all of your assets at your death.

For more from my Website: http://johnbwhalenjr.com/

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Perhaps to the contrary, a Will disposes of your assets that are titled in your name alone and that have no beneficiary designations.

Consequently, a Will does not control two, potentially and enormously valuable, categories of assets.

A Will does not control (or dispose of) assets that have: Joint Owners (i.e., joint accounts, joint real estate, etc.), as they pass to the surviving owners (via Property Law), and/or Beneficiary Designations (i.e., annuities, retirement plans, etc.), as they pass to the named beneficiaries (via Contract Law).

Posted at 09:16 AM

Topic: Wills and Probate