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Many people don’t understand that when it comes to transferring property after death a will does not cover all assets.

When designing someone’s estate plan, it’s critical to look at the different types of property so the decedent’s intentions will be carried out correctly.

“An estate plan isn’t just getting signed documents in place, it’s also looking at the asset base to make sure everything will match up and play out properly,” says Mary Jo ‘MJ’ Baum, an attorney at Semanoff Ormsby Greenberg & Torchia, LLC. “Otherwise, the estate plan or will isn’t worth the price you paid for it.”

Smart Business spoke with Baum about properly transferring property at death and the problems that can arise if a will is not crafted correctly.

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