Fiction: A will covers everything.
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Fact: Wills are the most commonly used estate planning tool, but there are pitfalls to relying exclusively on a will as your estate plan. If you pass away and the will is probated in court, it will be fully public and open to inspection by anyone who wants to know about your affairs. Additionally, wills offer direction only in the event of your death, not in the event of your mental disability, and they donít cover insurance proceeds, retirement benefits, or jointly owned property. There are many other reasons for preparing a complete estate plan, such as providing creditor protection for your loved ones, remarriage protection, and catastrophic illness protection.
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