Not all property will be passed on as a result of what’s listed in your last will and testament. You’ll need to consider including and excluding the right assets by partnering with a trusted estate planning lawyer to help you.
There are several different kinds of property that you should expressly leave out of the last will because it must be designated or managed in another way. These assets don’t go through the formal Virginia probate process. This includes:
- Transfer on death property such as vehicles, real estate, bonds and stocks, which will pass automatically to a named beneficiary if you have taken that step.
- Annuity proceeds or life insurance policies, since the individual listed as your beneficiary will automatically receive these payments.
- Proceeds from retirement plans, 401(k)s, IRAs and pensions, which will pass directly to the beneficiary named on forms.
- Pay on death bank accounts.
- Property held inside a living trust.
- Property held with a right of survivorship.
The general answer for what goes into your will is everything outside of these expressly named assets. If you are curious about what to include in your overall estate planning inventory and what other documents besides a will you might need to support you, set aside time to speak with a trusted estate planning lawyer. Our Virginia Beach law office can help you keep everything organized when it comes to your estate plan and the assets inside.