Episode Details

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.