Fact vs. Fiction Archive

Fiction: Wills and trusts govern all property that you own.

Fact: A will governs only probate property; a trust governs only assets owned by the trust. Some assets pass outside of probate by virtue of a beneficiary designation or the manner in which title is held. To ensure that your assets (such as jointly held property and retirement benefits) will be distributed according to your wishes, regularly review their ownership and beneficiary designations.

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