When most people think of estate planning, they think of a will. It feels like the obvious first step—something everyone “should have” in place, especially before a big trip or after a significant life event. But the truth is, a will isn’t the be-all and end-all when protecting your assets and ensuring they go where you want them to go. In fact, it might not even be used at all. That might sound surprising, but it happens all the time. The reason? Title.
Title Controls Everything
How your assets are titled will determine what happens to them both while living and after you’re gone. This isn’t a guess—it’s a legal fact. It applies across the board, just like spring allergies or the date of Christmas. The title is a universal truth.
When you die, the title determines whether your will even comes into play. If your home is owned jointly with the right of survivorship, your spouse automatically owns it after your death. If your bank accounts are jointly owned, they pass to the surviving owner. If your life insurance or retirement accounts have named beneficiaries, those assets go straight to them. The will doesn’t matter in these cases.
That’s why many people think they have a solid estate plan; they signed a will but never looked at how their assets were titled. A will might say your estate goes equally to your children. Still, if only one child is listed as a beneficiary on your retirement account, that child gets the full amount—even if the will says otherwise.
Most People Overlook It
Estate planning isn’t just about signing documents. In fact, documents are only a part of it. The most important—and often overlooked—part is ensuring your assets are titled to match your plan.
This point is often missed, even by professionals. Many attorneys focus on drafting a will or trust but never ask how your home is titled or who your account beneficiaries are. Financial advisors may ask for a copy of your will but then tell you to just name beneficiaries on your accounts. When that happens, you may be skipping the will entirely.
The reality is that titling goes beyond just the deed to your home. It includes your checking and savings accounts, CDs, annuities, IRAs, 401(k)s, and life insurance policies. Each can be titled with a beneficiary designation: “payable on death” or “transfer on death.” These titles override your will and can unravel your estate plan if they aren’t set up thoughtfully.
Final Thought
Most people don’t realize that estate planning is less about paperwork and more about people and planning. Your goals, your family, your legacy—these deserve more than just a quick fix. The title is a subject worth sitting down and talking through before you do anything else. It is what holds the plan together.
At J. Kevin Tharpe, PC, we carefully walk clients through these daily decisions. If you’re ready to ensure your assets are titled correctly, and your estate plan works the way you want it to, we’re here to help. Contact us today.
Kevin Tharpe
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