What types of property pass to your beneficiaries outside of a Will?
1) Survivorship marital property- goes directly to a surviving spouse. An example would be a house that has both spouses’ name (and only their names) on the title.
2) Property that is jointly owned- goes to the surviving owner(s).
3) Life insurance proceeds and funds in IRAs and other retirement plans- go directly to beneficiaries you listed on the appropriate forms.
4) Transfer on Death (TOD) and Payable on Death (POA) assets and accounts – go directly to the beneficiaries named on the account or deed.
Even if all of your property currently falls into the above categories, it is still wise to have a Will. For example, you never know how your property will work 10 years from now.