A will has the final say over distribution of assets

Our will says our house is to be sold and the proceeds divided among our four sons. Who has the final say about it -- the executor, the person with power of attorney, or what is written in our will?

The final say is yours, as stated in your will and in your beneficiary designations on retirement accounts, insurance policies and any trusts you establish. The exception: jointly owned assets, which automatically go to the surviving owner.

Your power of attorney is ineffective after your death. A "durable" power of attorney remains in force if you're incapacitated, but it doesn't outlast you.

Your executor is your personal representative after your death. He or she is legally responsible for carrying out the instructions in your will. What if the executor has other ideas? Not to worry. An executor's actions are subject to the supervision of the probate court, which makes sure your will is honored and resolves any disputes about what it says. (Probate court only supervises wills, however. It doesn't oversee assets distributed via beneficiary designation or joint ownership.)

It sounds as if you have a joint will. In a joint will, two people leave everything to each other and the will dictates what happens when the second person dies. The drawback of this arrangement is that the survivor must leave his or her inherited assets according to a will that may no longer be appropriate by the time he or she dies, perhaps decades later. By contrast, if each of you has a will, you can still leave everything to each other, but the survivor is free to make a new will in the future if necessary.

THE BOTTOM LINE Your will and beneficiary designations determine what happens to your assets after your death.

WEBSITES WITH MORE INFORMATION nwsdy.li/probate and nwsdy.li/jointownership

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