Fiction: I have a will; that should cover everything.

Fact: Wills are the most commonly used estate planning tool, but there are pitfalls to relying exclusively on a will as your estate plan. Wills are fully public and open to inspection by anyone who wants to know about your will and affairs. Wills offer planning or direction only in the event of your death and do not provide direction to you or your family in the event of your mental disability. Additionally, wills do not cover insurance proceeds, retirement benefits, or jointly owned property.

There are many other reasons for preparing an estate plan. These include providing disability planning for you, creditor protection for your loved ones, remarriage protection, and catastrophic illness protection.


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