What a Will Doesn't Cover
Wills can help ease many estate planning issues, but they do not cover everything.
Here are some exceptions that your will won't cover.
Certain Types of Property
- If you hold property in "joint tenancy" with someone else, that property will become the surviving co-owner's after your passing. You cannot leave your share to someone else (unless all co-owners pass simultaneously).
- If you transferred property to a living trust, you cannot use your will to leave it to someone else.
- Proceeds from a life insurance policy, stocks, pension plan, retirement plan, etc... if you've already named a beneficiary.
If you want to ease the burden of your passing, make a different document to spell out your wishes. Wills are typically not read or even found until days or weeks after a death.
You cannot leave gifts that are contingent on the marriage, divorce, or change of religion of a recipient.
Caring for a Beneficiary with Special Needs
Providing for long term care should be done in a trust, not a will.