ABA Family Legal Guide

Estate Planning

Other Estate-Planning Assets and Tools

Isn't a will enough to cover my estate-planning needs?

A will is usually the most important document in planning your estate, but it doesn't cover everything. In the community property states (see the community property discussion on page 731), your will can only control half of most marital assets. Other benefits not controlled by a will (or a trust being used as a will substitute) include IRAs, insurance policies, income savings plans, retirement plans, property held in joint tenancy, and, in some jurisdictions, property held in a special form of joint tenancy for married couples called tenancy by the entirety.

A good estate plan must coordinate these benefits with your will. Use them well and you can give your beneficiaries money much more efficiently than a will can. Use them badly and you can negate your estate plan and frustrate your wishes.