Wills Cannot Control Non-Probate Assets Like IRAs or Transfer-on-Death Deeds

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A common and costly misunderstanding in DIY estate planning is believing that a will can direct the distribution of any asset you own. John Ross explained that assets with named beneficiaries — IRAs, 401(k)s, life insurance, and real estate transferred by Lady Bird deed or other transfer-on-death mechanisms — pass entirely outside of the probate process and are completely unaffected by what a will says. If your will instructs the executor to take control of your IRA and distribute the proceeds a certain way, that instruction has no legal force; the IRA goes directly to whoever is named on the account's beneficiary form. This means beneficiary designations on financial accounts need to be reviewed and updated independently of any will or trust, and the two must be coordinated intentionally.