Does a Will Cover Every Asset?

A Will does not control distribution of all of your assets.

First, any assets placed in a Trust will be controlled by that Trust.

Second, a Will usually does not control the distribution of life insurance proceeds, retirement plan assets, jointly owned accounts or other assets that have a valid transfer on death (TOD) or payable on death (TOD) provisions.

So, be sure to have at least a Will, consider if you need a Trust and update your beneficiary designations for your life insurance policies, retirement accounts and all other financial accounts to reflect your wishes.