Robert Burns famously said, “The best-laid plans of mice and men often go awry.” Burns was an 18th century Scottish poet, but he could just as easily have been a modern Estates & Trusts attorney. Too often, this familiar saying applies to the estate of someone who has died.
Even if the person had a will, the final determination of who gets what might be dramatically different from what was expected. Why would this be? The simple fact is that a will can do only so much. It controls the assets that you own in your name alone and that do not name a beneficiary. These “probate assets,” as they are called, include things like a house, car, or bank account without a co-owner.
The problem is that for most of us, the bulk of our wealth resides in assets that do have a co-owner or beneficiary. Think joint bank accounts, life insurance policies, and retirement accounts. Upon your death, these “non-probate assets” will transfer to the co-owner or named beneficiary—regardless of what your will might say.