Have you ever wonder if there is a difference between a standard will and the professional estate planning. Recently we stumbled upon an image that compares the two and shows the difference.

This image is created by the Duxroe Lawyers and provides a great overview on the topic. That is why we decided to share it with you.

Estate Planning

Protects your children’s inheritance against their later divorce

Protects your children’s inheritance from your spouse re-marrying

Can save your children tax

Can save your children’s inheritance from a challenge to your estate

Can include super, family trusts and insurance money to save administration costs and delays

Can include overseas savings and assets

Can protect your children from wasting their inheritance

Is prepared by experienced lawyers who understand what can go wrong with estates

Standard Will

Does not protect your children’s inheritance against their later divorce

Does not protect your children’s inheritance from your spouse re-marrying

Does not consider any tax saving options

Does not protect your children’s inheritance from a challenge to your estate

Does not include super, family trusts and insurance money to save administration costs and delays

Does not include overseas savings and assets

Does not protect your children from wasting their inheritance

Usually done by non-lawyers or junior lawyers

You can think about your will as an element or part of your Estate Planning. And you should be aware that some of your assets do not get inherited through a will, such as Life Insurance Proceeds, Bank Accounts or Retirement Plans.

Now you know the difference and no matter what you decide to do, don`t forget to make sure your family can find this information. You can safely store all your vital infromation in AfterVault.com