66 Passaic Avenue, Passaic, NJ 07055| Phone: (973) 815-0080

267 Park Avenue, Paterson, NJ 07513| Phone: (973) 815-0080

Administration of a Will

Wills are simple, inexpensive ways to address many estates. But they don't do it all. Here are some things that may not be accomplished in a will.

Named Beneficiaries for Certain Kinds of Property

A will can't be used to leave:

  • Property you held in joint tenancy with someone else. At death, the deceased's share will automatically belong to the surviving joint tenant(s). A will provision leaving the deceased's share to someone other than the surviving joint tenant, would have no effect unless all joint tenants died simultaneously.
  • Property that was transferred to a living trust.
  • Proceeds of a life insurance policy for which there is a named beneficiary.
  • Money in a pension plan, individual retirement account (IRA), 401(k) plan or other retirement plan.
  • Money in a payable-on-death bank account.
66 Passaic Avenue | Passaic, NJ 07055 | Phone: (973) 815-0080 | Fax: (973) 815-0090 | Email: funerariaalvarez@aol.com
267 Park Avenue | Paterson, NJ 07513 | Phone: (973) 815-0080 | Fax: (973) 815-0090 | Email: funerariaalvarez@aol.com