Most people think a Will is the foundation of an estate plan but not everything you own is controlled by it. In this episode, Jill Mastroianni breaks down what a Will actually does (and doesn’t) cover, how to tell which of your assets are “probate assets” controlled by your Will, and why understanding the distinction between probate and non-probate assets could change the way you approach your estate plan. What You’ll Learn in This Episode The difference between probate and non-probate assets, and why it matters. The three ways assets pass at death: By contract: through beneficiary designations or payable-on-death forms By operation of law: through joint ownership with survivorship rights By Will: through the probate process. Use two simple questions to determine whether something you own is a probate asset: #1: Am I the sole owner of the asset? #2: Does it pass by contract ? Real-life examples of how these rules play out with: Jill’s IRA (passes by contract ) Her house (passes by operation of law ) Her mother’s antique ring (passes by Will ) What happens when you die without a Will (and why the government does not take everything). State-by-state differences in intestate succession, including Tennessee and Michigan examples. How even a simple Will can make life easier for the people you leave behind. Key Takeaways A Will only controls your probate assets , not everything you own. Beneficiary designations and joint ownership override your Will. If you die without a Will, your state’s intestacy laws decide who inherits your probate property. Having a Will is less about wealth and more about reducing stress and conflict for your loved ones. If you don’t have a Will, you should still: Organize your financial and asset information . Sign a healthcare proxy and advance directive and fill out a medical information sheet . Complete a personal information sheet and tell someone you trust where to find it. Resources & Links Estate Planning Support Services : Make the process clear, organized, and doable, from finding an attorney in your state to understanding your documents. Episode Mention: Why You Need (or Don’t Need) a Trust : Listen here . Financial Information Spreadsheet : Click here . Medical Information Sheet & Advance Directive Forms: Access state-specific forms Personal Information Sheet : Click here . Submit a question for Tuesday Triage here . Connect with Jill: Website: DeathReadiness.com Email:
[email protected] Learn more about Jill’s services Subscribe to the Death Readiness Dispatch! Submit a question for Tuesday Triage Did you enjoy this episode? Share it with someone you care about. This podcast provides estate planning guidance for women and discusses real, practical issues, from caregiving, pre-planning a funeral, how to avoid probate using beneficiary designations, planning for individuals with special needs (and special needs trusts), whether you need a professional fiduciary (trustee or executor), how the estate tax works and how to preserve your legacy. Tuesday Triage episodes answer questions from listeners like you, from powers of attorney, healthcare advance directives (and whether they work when you’re pregnant), what a Last Will and Testament really is, whether you need a trust, how Medicaid works and how to have senior and elder care conversations and how to care for aging parents. Disclaimer : This podcast and all related content are for educational purposes only and do not constitute legal advice. No attorney-client relationship is established here. Use of this information without careful analysis and review by your attorney, CPA, and/or financial advisor may cause serious adverse consequences. For legal guidance tailored to your unique situation, consult with a licensed attorney in your state.
