In: Accounting
Which of the following types of property are covered by a will? The jointly owned property, Property in trust, Life insurance proceeds and property with a named beneficiary.
A: Jointly owned real estate
B: Property in Trust
C: Life insurance proceeds
D: Separately owned checking account
The correct answer is:
A. Jointly owned real estate
As any property that is held in joint tenancy (owned equally by two parties), such as a house that you own equally with your spouse cannot be included in a will.