Will All property in your estate is distributed according to the terms of your will. If you have no will or other complete estate plan, your estate property is distributed according to state law. For example, if you list one person on your life insurance as beneficiary, but attempt to name a different person in your will as the recipient of that life insurance, only the beneficiary named on your life insurance contract will receive the proceeds. Titles must be clear and correct. Frustration can set in.
Extra costs can result.
Transfers may not occur as desired. By law, the way in which property is titled supercedes a will. For example, if you own property jointly with survivorship rights with another person, but try to leave your share in the property to another person in your will, that clause will be ignored. The best way to know you've properly coordinated your titles is to seek legal advice. Minimizing estate taxes Charitable bequests can reduce federal estate taxes A charitable bequest can be an excellent way to support your favorite nonprofit organization.