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Economic Trends · Jul 11th, 2025
What this video’s about:
In this special episode of The Market Share, Chief Investment Officer Paul Gifford is joined by Senior Trust Officer Renée Fleming to discuss a crucial—but often overlooked—aspect of financial planning: the titling of assets. Their conversation breaks down how asset registration affects your estate plan, why correct titling can override a will, and how improper documentation can lead to costly delays or lost wealth for your heirs.
What is Asset Titling?
Asset titling refers to the legal way ownership of an asset is recorded. This could mean holding an account in your name alone, jointly with someone else, or assigning a beneficiary through a designation like payable on death (POD) or transfer on death (TOD). The way an asset is titled determines who controls it during your lifetime and who receives it after your death—regardless of what your will or trust says.
Why Asset Titling Is Critical in Estate Planning
“Titling your assets is really critical to your estate plan because it determines how assets are managed and distributed at time of death, potentially impacting probate, tax consequences and beneficiary access,” Renée explains. While many people focus on drafting a will or creating a trust, those documents don’t control everything. How an account or property is titled can override what your estate documents say. Titling determines who ultimately receives your assets—and how.
This means that even a well written will or trust can be ineffective if account ownership and beneficiary designations don’t align. Paul emphasizes this point with a simple but powerful reminder: “That last sentence is kind of important—that it supersedes a will.”
Which Assets Should You Review?
According to Renée, “In short, all of them.” That includes:
- Bank and investment accounts
- Real estate
- Retirement plans
- Insurance policies
Start with an inventory of all your assets and list how each one is titled. Are they in your name alone? Joint with a spouse or child? Do they have a payable on death (POD) or transfer on death (TOD) designation? Every one of these details affects how the asset will be handled when you pass away or become incapacitated.
She also warns about the risks of neglect: In Indiana and Michigan alone, there are over $3.1 billion in unclaimed assets. Nationally, $1.7 trillion in retirement assets have been forgotten. These are dollars left behind simply because proper planning or communication didn’t happen.
The Importance of Keeping Beneficiaries Up to Date
Life changes—and your beneficiary list should, too. Births, deaths, marriages, divorces—all can alter your intentions for how assets should be distributed. But those wishes won’t matter unless your beneficiary designations reflect them.
“Whomever is listed…that is where your money is going to go,” Fleming says plainly. A will or trust cannot override an outdated beneficiary designation on an account or policy. That’s why regular reviews are essential.
Don’t Just Plan—Communicate
Even the best plan won’t work if no one knows it exists. Renée encourages viewers not only to organize and align their documents, but to communicate them. Someone you trust should know where your documents are and what your wishes are if you become incapacitated or pass away unexpectedly.
Final Thoughts
Proper asset titling is more than a technicality—it’s one of the most powerful tools in your estate plan. From avoiding probate delays to protecting your legacy, aligning your account registrations and beneficiary designations is essential to ensuring your wishes are honored.
Want help getting started? Reach out to the Wealth Advisory Services team at 1st Source for expert, personalized support.
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