Monday, December 26, 2016

What a Will Does Not Do in NJ

What a Will Does Not Do in NJ

A Will does not govern the transfer of certain types of assets, called nonprobate property, which by operation of law or contract pass to someone else on your death.

Non-probate assets which do not pass under Will

         Please also remember that if you have assets such as bank accounts in joint names, or bank accounts payable upon death, these go directly to the beneficiary. If you have selected direct beneficiaries on any of your assets these pass outside your Will, including POD accounts or joint accounts. Your Will cannot change who the beneficiary is on a joint account, payable upon death accounts, or other assets such as Life Insurance policies. You would have to go directly to the bank or company where the assets are held and either direct that they change the beneficiary or not list any beneficiary at all other than your Estate. Other non-probate assets include a house owned with spouse [tenants by entirety], house in joint tenancy with non spouse,

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