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.

Standard Will vs. Estate Planning : What is 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

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