Q. Does a will take care of distributing all my property?

A. Generally, a will does not take care of distributing all of your property. A will typically affects only assets that are in your name at the time of your death. Some examples of assets most likely not covered by your will:

• Life insurance policies, 401k, and any other investment retirement plans. The beneficiaries named in these plans will receive the proceeds after your death.
• Joint tenant with right of survivorship assets. These assets will pass to the surviving joint tenant upon your death.
• Transfer on death or pay on death designations. Some financial institutions allow you to make beneficiary designations upon your death.
• Living trusts. Generally, assets held in a revocable living trust are distributed according to instructions in the trust and not your will. This can be done without court supervision.