I’ve been a CPA since 1981, and I spent more than a decade advising clients at major Wall Street firms. In all that time I’ve watched people spend months getting a will exactly right — the attorney, the witnesses, the signatures, the safe deposit box — and then never spend five minutes on the single piece of paper that actually decides where most of their money goes.
Here’s what almost no one is told at the signing table. Your will governs the assets that pass through probate: the house, the car, the checking account, the furniture — the things with no name attached to them. It does not govern your 401(k), your IRA, your life insurance, or…
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