For many, a strategy for estate planning is a must-have at any stage in life.
This ensures that your wishes on how to handle your wealth, health, and children are carried out after your demise or a medical emergency that leaves you incapacitated.
Having the proper documents in place makes it easier, faster, and less expensive for your wishes to be executed.
Here are the most common—and important—estate planning documents to know about, create, and routinely update throughout your life.
Typical Estate Planning Documents
Last Will and Testament
The foundation of your estate planning checklist is your last will and testament. This legal document essentially lets you list your instructions on what to do with your assets after you die.
draft your will for free? SoFi members can, thanks to its partnership with Ladder, which offers affordable term life insurance and estate planning services.
If you’re married, your spouse can prepare the same documents. The package includes a secure online vault and chat support.
SoFi has teamed up with solid insurance companies to offer a range of protections. Explore SoFi Protect today.
Ladder offers term policies in New York (policy form # MN-26) that are issued by Allianz Life Insurance Company of New York, New York. Term policies are issued in all other states and DC by Fidelity Security Life Insurance Company®, Kansas City, MO (policy form No. ICC17-M-1069, M-1069 and Policy No. TL-146). Coverage and pricing is subject to eligibility and underwriting criteria. SoFi Agency and its affiliates do not guarantee the services of any insurance company. The California license number for SoFi Agency is 0L13077 and for Ladder is OK22568. Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other. Social Finance, Inc. (SoFi) and Social Finance Life Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under LadderLifeTM policies. SoFi is compensated by Ladder for each issued term life policy. SoFi offers customers the opportunity to reach Ladder Insurance Services, LLC to obtain information about estate planning documents such as wills. Social Finance, Inc. (“SoFi”) will be paid a marketing fee by Ladder when customers make a purchase through this link. All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Source: sofi.com