Assets That Do Not Fall Under a Will (Estate Planning)

This article explains the assets that do not fall under a will and why this distinction is important for effective estate planning.

Creating a will is a critical aspect of preparing for the future. It allows individuals to specify how their assets will be distributed and managed after their passing. However, it is essential to recognise that not all assets are governed by a will.

Certain assets are transferred outside of a will, depending on their ownership structure or specific legal arrangements established during one’s lifetime. Understanding which assets are not subject to your will is vital for effective estate planning and for ensuring that your intentions are fully realised.

Jointly Owner Property
Assets held as joint tenants with the right of survivorship are not included in a will. Instead, they automatically pass to the surviving co-owner. Examples include a residence co-owned with a spouse, joint bank accounts or vehicles titled jointly with survivorship rights

Beneficiary Designations
Certain assets permit the designation of a beneficiary directly, and these designations take precedence over any instructions outlined in a will. Examples include life insurance policies, retirement accounts (e.g., 401(k), IRA, pension) and investment accounts with designated beneficiaries

Trust Assets
Assets placed in a trust are excluded from the probate estate and do not fall under the control of a will. Instead, they are managed and distributed according to the specific terms of the trust.

Property Owned by a Business Entity
Assets owned by a corporation, partnership, or limited liability company (LLC) do not pass through a will; they are instead governed by the organisation’s governing documents and agreements, such as buy-sell agreements or partnership contracts.

Foreign Property
Real estate or assets located in other countries may be subject to the inheritance laws of those jurisdictions, rather than being governed by a will in your home country. It may be necessary to draft a separate will or legal document to effectively manage those assets.

By comprehending these distinctions, individuals can navigate the complexities of estate planning more effectively, ensuring that their legacies are preserved in accordance with their true intentions.

Concerned about whether your assets are fully protected? Our experienced Wills and Probate solicitors can help ensure your estate planning reflects your intentions. Contact us today for clear, practical advice.

Understanding which assets that do not fall under a will can help avoid confusion and unintended outcomes when planning an estate. Our Wills and Probate solicitors assist clients across Norwich and Norfolk.

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