We'll start with a will.
You probably already know that, in a will, you name whom you want to handle your final affairs and whom you want to receive your assets after you die.
But did you know that your will only controls the assets that are titled in your name? Your will does not control assets that are titled in joint ownership and go to your spouse or another joint owner when you die. And it doesn't control assets with beneficiary designations, like your IRA, retirement benefits or life insurance policies.
So, to begin with, your will does not give you control over all of your assets.
What about the assets your will does control? After you die, these assets will have to go through a court-controlled process called "probate."
