Administration of a Will

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	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.