HOW ASSETS PASS AT DEATH


HOW ASSETS PASS AT DEATH

28-Feb-2008

If you have a Last Will and Testament at your death (testate), most assets that you own will pass according to the terms laid out in your Will. Not all assets will pass according to your Will though. If you own any assets, such as real estate, jointly with another party with the right of survivorship, then that property will automatically pass to the joint owner regardless of the terms laid out in your Will.

Furthermore, any life insurance policy, bank account or other asset that has a named beneficiary or POD will pass automatically to that individual regardless of the terms of your Will. Because of this, it is extremely important to keep any named beneficiaries of any assets current. This is particularly important if you have recently divorced.

If you do not have a Will at your death (intestate), then your assets will pass to your heirs at law as determined by the State of Tennessee. All jointly held property and/or property with named beneficiaries will still pass automatically as stated above.