What Your Will Does (and Doesn’t) Control

A Last Will and Testament is a key estate planning document, but it’s important to understand what it covers and what it doesn't. Many people assume that a Will governs all of their assets after they pass away, but that is not necessarily the case. Your Will only controls assets in your name alone at your death. Assets with joint owners, designated beneficiaries, or those held in a Trust are not subject to the terms of your Will.

What Your Will Does Not Control

Your Will does not govern assets that pass directly to others outside of probate. Examples include:

• Jointly Owned Accounts: If you own an account jointly with someone else, it will automatically pass to the surviving co-owner upon your death.

• Beneficiary Designations: Life insurance policies, retirement accounts (such as IRAs and 401(k)s), and payable-on-death bank accounts will go directly to the named beneficiary, regardless of what your Will states.

• Trust Assets: If you have placed assets into a Trust, those assets will be distributed according to the terms of the Trust, not your Will.

  
  

To ensure your wishes are followed, it is crucial to periodically review how your accounts are titled and check your beneficiary designations.

A Real-Life Example: Avoiding Unintended Consequences

I once worked on a case involving a woman who named a friend as a joint owner on her checking account for convenience, so the friend could help her pay bills. However, her Will stated that she wanted her estate to go to charity. After her death, the jointly held account bypassed her Will and went entirely to the friend—leaving nothing for the charities she intended to benefit. This situation could have been avoided if she had structured her accounts differently or included clear instructions in her estate plan.

Understanding the Probate Process

Before an Executor can distribute assets under your Will, the estate must go through probate—a court-supervised process that legally transfers assets to beneficiaries. Here’s an overview of the steps:

1. Filing the Will with the Court – The Executor or another interested party submits the Will to the probate court for approval.

2. Notifying Interested Parties – The court requires notice to be sent to your closest relatives and beneficiaries named in the Will. If anyone objects, they must do so within a set timeframe.

3. Appointing the Executor – Once the Will is validated, the court appoints the Executor to manage the estate.

4. Managing and Distributing Assets – The Executor must gather assets, settle debts and taxes, and distribute remaining assets according to the Will.

5. Final Accounting and Court Supervision – In some cases, the Executor must provide an accounting of how estate funds were managed.

   
   

While probate is generally manageable, it can be time-consuming. Many people choose to use beneficiary designations, joint accounts, trusts, and other estate planning tools to minimize probate involvement.

How to Ensure Your Wishes Are Honored

To prevent unintended outcomes, consider these proactive steps:

• Regularly review account ownership and beneficiary designations.

• Consider using a Trust for greater control over how your assets are distributed.

• Work with an estate planning attorney to ensure your documents align with your goals.

  
  

Your Will is just one piece of the estate planning puzzle. A well-thought-out plan ensures that your assets go where you intend them to, avoiding unnecessary complications for your loved ones.

Senior Solutions, Attorneys at Law, is an Estate Planning and Elder Law firm serving the Greater Boston, Massachusetts area since 2001. We are ready to help you with Medicaid Planning, Estate Planning, Probate, Guardianship & Conservatorships, Special Needs Trusts, and Fiduciary Services. We are here to help. Please call our office at 617-489-5900 or schedule a brief free consultation (offered to new clients) by clicking: https://seniorsolutions.as.me/FreeConsult