Jeff and Josie are newlyweds, each of whom has grown children from a previous marriage. They decide to buy a house together and take title to the house in joint tenancy with right of survivorship, making them co-owners.

After unpacking the last boxes, the happy couple decides to complete the remaking of their lives and rewrite their wills. Both of them want their assets to go to their own children from their first marriages. So each writes a basic will that leaves everything to his or her own children. Josie's daughter, who is living in a tiny apartment with her husband and kids, will get Jeff and Josie's house when Josie dies; Jeff's children, who have nice homes already, will get the rest of the couple's assets. A few years later, Josie dies, content because she believes she has provided for her daughter and her family.

Josie will never know that her estate plan failed to accomplish the one thing she wanted most: giving her house to her daughter. She didn't realize that the joint tenancy she and Jeff created meant that ownership of the entire house passed to Jeff at the moment of her death, regardless of what her will said. She never knew that Jeff was later beset by several costly illnesses and had to sell the house. His children—not hers—received what was left when Jeff died two years later.

Unfortunately, this situation is familiar to many estate lawyers. Too many people don't understand that there's more to estate planning than writing a will. This section will tell you what else you might need to do.

1. Isn't a will enough to cover my estate-planning needs?
2. My wife and I own our house in joint tenancy. Can't I use joint tenancy to pass property without having to draw up a will?
3. What's the difference between joint tenancy and tenancy in common?
4. Is there another way to give money to minor children besides a will or trust?
5. Are there some tax-favored ways of providing for children's education?
6. Are these plans flexible?
7. How can I use life insurance in my estate plan?
8. How do retirement benefits affect my estate plan?
9. Do prenuptial agreements play a role in estate planning?
10. I live in a community property state. How does this affect my estate plan?
11. I live in a separate property state but own property in a community property state. Which law applies?
12. Should I give some of my property away before I die?

Subsections

1. When Circumstances Change