Everything’s Jointly Owned or TOD, Do I Still Need a Will? Here’s Why You Absolutely Do

If your bank accounts and investment accounts, or even your home, are jointly owned or have transfer-on-death (TOD) beneficiary designations, you’re already ahead. These tools let certain assets pass outside of probate — a smart move in any estate plan.

But here’s the truth: joint ownership and TOD accounts are not a complete estate plan, and they cannot replace a Will. Here’s why having a Will remains essential, even if everything seems “covered.”

1. Not Everything Can Be Owned Jointly or TOD

You might have joint bank accounts, but what about other important assets?

• Personal property: Cars, jewelry, furniture, or family heirlooms.
• Cryptocurrency and digital assets: Bitcoin and similar tokens are unlikely to be jointly owned or have TOD designation options.
• Online accounts: Social media accounts and cloud storage.
• New assets: Anything you acquire that isn’t retitled jointly or assigned a TOD.

Without a Will, these “leftover” assets are distributed according to state intestacy laws, which may not align with your wishes.

2. Joint Ownership Works — Until It Doesn’t

Joint ownership typically only controls what happens after the first to pass away, not the second.

Example: You and your spouse own everything jointly. When one spouse dies, the other inherits automatically — that part works. But when the surviving spouse passes:

• No instructions exist for distribution.
• No Executor is named to manage the estate.
• Probate becomes unavoidable, often with delays and added costs.

A Will ensures that your final wishes are honored all the way to the end, not just along the way.

3. What if a Beneficiary Dies Before You?

Naming a TOD beneficiary is great — but life can be unpredictable.

For instance, if your daughter is the TOD beneficiary on an account but passes away first, then without a Will:

• The funds may go to your intestate heirs based on state law — relatives you may not have intended to include.

A Will allows you to:

• Name backup beneficiaries.
• Specify particular gifts.
• Create contingency plans that TOD and joint ownership tools can’t handle.

4. You Still Need Someone in Charge

A Will does more than distribute assets — it appoints an Executor to handle your estate. Without one:

• No one is legally authorized to pay final bills, cancel subscriptions or settle affairs.
• Loved ones may have to petition the court to become administrator, adding time, cost and stress.
• Disputes can arise if multiple people want control.

Naming an Executor ensures clarity and avoids unnecessary court battles.

5. A Will Covers the “What Ifs”

Even with all assets titled correctly, life can throw curveballs. A Will acts as a safety net, covering the unexpected:

• Who inherits your miscellaneous or newly acquired items.
• Guardianship for minor children.
• Alternate Executors if your first choice is unavailable.

No joint account or TOD designation can fully handle these scenarios.

Bottom Line: TOD and Joint Ownership Are Tools — Not a Complete Plan

Joint ownership and TOD accounts are smart estate-planning tools, but they don’t replace a Will. A Will ties everything together, fills in the gaps, and protects your family from uncertainty. Without one, your estate may default to the state’s rules — rarely what you would have chosen.

With Herbie, we make it simple to create a comprehensive and high quality personalized Will — whether you’ve already titled assets or not. Our goal is to help you cover everything clearly and affordably, ensuring nothing and no one is left out.

Estate planning isn’t just about forms — it’s about peace of mind.

Ready to take the next step? Start your plan with Herbie.

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