You can give away most, but not all, of your property in a Last Will. Typically, you cannot use a Will to give away:
Life insurance
401(k) plan assets
Pension plan assets
Retirement plan assets
Annuities
Property held in a trust
Matrimonial home held jointly
Life insurance, 401 (k) plans, pension and retirement plans, and annuities allow the holder to specify a beneficiary, which is why these assets do not go through a Will.