A husband and Wife have just signed their Wills. They naturally have every expectation that the language in their Wills is controlling as to what happens to their property when they die. However, if the Will preparer has not become familiar with how the couple owns their property (how the property is titled), there could be problems the couple did not anticipate.
Retirement Forms and Property Titles
Most individuals have signed beneficiary designation forms (POD forms) at their bank or with the firm that handles their retirement accounts (TOD forms). These beneficiary designation forms (and not the Will) are controlling as to what happens to those assets.
For example, assume Jane is a widow with three (3) adult children; Jane’s Will says her three children are to share equally in her property upon her death; However, the estate planning attorney who prepared Jane’s will did not inquire about how Jane had her property titled.
As it turns out, Jane had all of her money in various bank and investment accounts. Each account had its own beneficiary designation, with some of the beneficiary forms naming individuals other than her children as beneficiaries. In this case and every case, the beneficiary designation forms would control who receives those accounts, and the Will would be ineffective in transferring them.
You and your attorney should take the time to learn how your property is titled so that the wishes expressed in your Will are coordinated with any beneficiary designations you have made. To learn more about creating wills in Virginia, speak with an experienced and thorough Manassas estate planning attorney at the Manassas Law Group, call (703) 361-8246 or send an email today.
