Property Not Covered by a Will
In almost all cases, property transferred by a binding probate avoidance device cannot also be transferred by will. Once you place property in one of the following forms of ownership, listing that property in a will has no effect:
• property in a living trust that goes to the beneficiaries named in the trust
• joint tenancy property (if all tenants die simultaneously, a share can be left by will)
• money in informal bank (or brokerage) account trusts or pay-on-death accounts
• life insurance proceeds payable to a named beneficiary
• qualified retirement plans and IRAs with a named beneficiary