What Assets Are Governed By The Terms Of A New York State Will?

In New York, some of your assets will be distributed pursuant to the terms of your Last Will and Testament and others will not.  Typically, a Will only has the legal capacity to distribute assets such as homes, bank accounts and shares of stock that were only in your name, when you passed away.   Assets that do not typically pass through a Will include jointly held assets or assets that have a named beneficiary such as life insurance, jointly held bank accounts, retirement accounts, and living trusts.  Those types of assets are distributed directly to the named beneficiaries or joint owner without passing through the Will, but are still a part of the taxable estate.