Administration of a Will
ADMINISTRATION OF A WILL
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 in a will.
Named Beneficiaries for Certain Kinds of Property
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, individual retirement account (IRA), 401(k) plan or other retirement plan.
- Money in a payable-on-death bank account.
| Cambria Heights |
| Y.M.B. and Associates more info |
| 116-51 224th Street Cambria Heights NY 11411 Phone: 718-527-0206 Fax: 718-527-3102 Email: ybillings@ymbassociates.com Contact: Yolanda M. Billings |
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