Your Will Doesn't Control Everything You Own

10/19/2026

Did you know that some of your money could go to someone other than the person named in your will?

Creating a will is an important step toward protecting your loved ones. But here's something many people don't realize: your will doesn't necessarily determine who receives everything you own.

Some assets have their own instructions for what happens after you die.

What Might Not Be Covered by Your Will?

Life Insurance: Benefits generally go directly to the beneficiaries named on your policy.
Retirement Accounts: IRAs and 401(k)s typically pass to designated beneficiaries, subject to applicable rules.
Bank and Credit Union Accounts: Accounts with payable-on-death beneficiaries generally transfer to the people you've named.
Jointly Owned Property: Property owned with rights of survivorship generally passes directly to the surviving owner.

Why Does This Matter?

Imagine naming someone as a beneficiary years ago. Since then, you've gotten married, divorced, or had children—but never updated your information.

That outdated designation could affect who receives your money, even if your will says something different.

Your Money Minute

Take a few minutes to:

Review the beneficiaries listed on your financial accounts and insurance policies.
Update any designations that no longer reflect your wishes.
Coordinate your beneficiary choices with your overall estate plan.

A little planning today can help prevent confusion and make things easier for the people you love tomorrow.

Plan Today. Protect the People You Love.

Downriver CU members can save 30% on the initial purchase of a Will or Trust-based estate plan through our partner, Trust & Will, through October 31, 2026.

Learn More About Trust & Will

Please Note: This article is for general educational purposes only and is not legal advice. Laws and individual circumstances vary. Consult a qualified attorney for guidance about your specific situation.

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