Wills are simple, inexpensive ways to address many estates. They make the administration of an estate easier and they are an important part of estate planning during life but they don't do it all. Here are some things that may not be accomplished in a will:

Named Beneficiaries for Certain Kinds of Property

A will can't be used to leave:

• Property you held in joint tenancy with someone else. At death, the deceased's share will automatically belong to the surviving joint tenant(s). A will provision leaving the deceased's share to someone other than the surviving joint tenant, would have no effect unless all joint tenants died simultaneously.
• Property that was transferred to a living trust.
• Proceeds of a life insurance policy for which there is a named beneficiary.
• Money in a pension plan, Retirement Savings Plan or other retirement plan.
• Money in a payable-on-death bank account.