What property is governed by a Will?
The will governs the disposition of property owned in the person’s own name or as a tenant in common. A will does not dispose of property owned as joint tenant with right of survivorship or tenant by the entireties, unless the person is the surviving joint tenant. A will does not dispose of property subject to a beneficiary designation (such as a typical IRA, retirement plan or insurance policy) or a Payable on Death (POD) or Transfer on Death (TOD) designation, unless the beneficiary designation names the owner’s estate or defaults to the owner’s estate when the other designated beneficiaries fail to survive the owner. Property owned by a trust is disposed of according to the terms of the trust, not by a will, except to the extent that the trust grants the person a power to direct in the person’s will for the disposition of all or a part of the trust property.
