When you are about to write a will or testament as a married person, you may wonder what is “yours” that can be transferred to your beneficiaries. Sometimes, property ownership can create chaos if you are married or in a community property state.

It is important to hire an estate planning consultation like VQN law firm to get a deeper understanding of what property can be transferred in a will so that your family members do not have any problems or chaos after you leave this world.

Property Distributed by a Last Will

Before signing the last will, it is important to understand that you can’t give away “everything” to your beneficiaries. A will distributes certain types of property but not all.

Let's discuss below what properties can be transferred via will and what properties can not.

Property That Can Be Given in a Will:

• Cash (i.e., a gift of money)

• Antiques, artwork, and jewelry

• Cars, boats, and other recreational vehicles

• Household Possessions

• Precious metals like coin collections

• Real estates like buildings or land

Property That Can Not Be Given in a Will:

• Bank accounts with TOD (transfer-on-death) beneficiaries

• Assets held in a separate trust instrument

• Insurance policies with named beneficiaries

• Stocks, bonds, or financial investments with named beneficiaries

• Proceeds from retirement plans or pensions

So now you understand what property you can transfer in your will. But it is to ensure you can only transfer what you own.

What Is Your Property?

According to a general rule, any property solely owned by you or titled in your name only is the property you can give away in your will. You may have a certain property that is partially owned by you or have partial ownership of a property. Hence, property ownership matters a lot while making a will.

Ending Notes

The above article discussed the issues related to property transfer via will and testament. It is really important to understand what property is yours and what property can be transferred. If the will is not written legally, the property will not be transferred to your family members after your death. If you have queries regarding will or general counsel legal services, feel free to reach us.