Traditionally, most people think of a will as the vehicle that transfers all of a person’s property upon their death; however, wills do not always pass ownership of everything. Trusts, transfer on death deeds, beneficiary designations, and joint accounts with rights of survivorship are also tools that transfer ownership of property upon death. For example, most retirement plans pass to a named beneficiary. Many bank accounts pass to a joint tenant with rights of survivorship or to a payable on death beneficiary. Nebraska has also adopted another method of transferring ownership of real estate upon the death of the owner through the use of a transfer on death deed. All of the aforementioned examples pass outside the terms of a will.

Another common misconception is how wills work and when they go into effect. Wills do not go into effect until the will has been admitted to probate. Probate is a court-supervised legal process that occurs in the county court where the decedent resided and is typically required to administer a person’s estate after their death. After the will is validated by the court, the court must also appoint a personal representative (or executor) to oversee and manage all estate assets. Therefore, just having a will and naming someone as your personal representative does not automatically deem the will to be valid and allow the person named in the document to jump right in and start transferring property.

It is also important when meeting with your estate planning attorney that you do not limit the discussion to your will or who gets your assets upon death. Planning for a disability or incapacity during your lifetime is also a very important aspect of planning for your future.

Whether you are exploring the idea of estate planning for the first time or you have had a plan in place for years, we would welcome the opportunity to take a fresh look at your situation to ensure that every piece of your estate plan fits with your overall financial picture and goals.

This article does not create or constitute an attorney-client relationship and is not intended to convey or constitute legal advice. It is important to speak with a qualified professional regarding your specific matter prior to taking any action.