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When someone dies, there are a lot of things that their loved ones have to manage — and most people want to shield their heirs from unnecessary stress. One major source of confusion tends to center around who is actually liable for a deceased loved one’s debt.

People who are creating estate plans often think about the will, trusts and power of attorney designations. What they might not realize is that not all assets are handled by the estate plan.

It is common for people to mix up the term “last will” with the phrase “estate plan.” While a last will is part of an estate plan, the two terms are not interchangeable.