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 through a will.
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, Registered
retirement savings plan or other retirement plan.
