For many in New Jersey, the act of creating a comprehensive estate plan brings about a sense of relief in knowing that these matters have been addressed. With the right degree of effort, estate planning strategies can work wonders in ensuring that one's wishes are followed when the time comes. It is important for individuals to understand, however, that simply creating a will is not a catch-all solution. Many assets can still pass to others upon one's death if the proper precautions are not taken.
The most common way for assets to be distributed in direct opposition to a will is in the case of accounts that have named beneficiaries. These accounts can include retirement accounts, investments, life insurance and more. At the time the account was set up, the holder was asked to name a beneficiary. That designation will stand and will "trump" provisions laid out within one's will.