No, many people are surprised to learn that depending on how you own property, it may not pass to the beneficiaries you name in your Will. Property which is jointly owned with another person (for example, a joint bank account) will immediately become the property of the joint owner when you pass away. Additionally, assets like life insurance or retirement accounts generally pass by beneficiary designation rather than becoming part of your estate. In that case, your contract with the company allows you to name the person who will receive the property when you pass away. Even if you forget to name a beneficiary, the property will likely not become part of your estate as the terms of your contract with the company will govern who it will be paid to. This is why titling of your property (how you own it) is so important. Think about a blended family for a second. The spouses may not want to jointly own property as they may want their assets to go to their individual children when they pass away, rather than to their spouse. This is why there is no cookie cutter approach to estate planning. Every situation is unique and needs unique planning.