About this episode
Most people think a Will is the foundation of an estate plan but not everything you own is controlled by it. In this episode, Jill Mastroianni breaks down what a Will actually does (and doesn’t) cover, how to tell which of your assets are “probate assets” controlled by your Will, and why understanding the distinction between probate and non-probate assets could change the way you approach your estate plan.What You’ll Learn in This EpisodeThe difference between probate and non-probate assets, and why it matters.The three ways assets pass at death:By contract: through beneficiary designations or payable-on-death formsBy operation of law: through joint ownership with survivorship rightsBy Will: through the probate process.Use two simple questions to determine whether something you own is a probate asset:#1: Am I the sole owner of the asset?#2: Does it pass by contract?Real-life examples of how these rules play out with:Jill’s IRA (passes by contract)Her house (passes by operation of law)Her mother’s antique ring (passes by Will)What happens when you die without a Will (and why the government does not take everything).State-by-state differences in intestate succession, including Tennessee and Michigan examples.How even a simple Will can make life easier for the people you leave behind.Key TakeawaysA Will only controls your probate assets, not everything you own.Beneficiary designations and joint ownership override your Will.If you die without a Will, your state’s intestacy laws decide who inherits your probate property.Having a Will is less about wealth and more about reducing stress and conflict for your loved ones.If you don’t have a Will, you should still:Organize your financial and asset information.Sign a healthcare proxy and advance directive and fill out a medical information sheet.Complete a personal information sheet and tell someone you trust where to find it.Resources & LinksEstate Planning Support Services: Make the process clear, organized, and doable, from finding an a
