If talking about money makes you uncomfortable, you might not like the next topic: estate planning.
Estate planning is about making sure your assets go where you want them to go in the event of your death. This may involve documents like a will, health care proxy, or power of attorney.
Important Conversations
Nobody likes talking about death. But having a conversation about estate planning is important to make sure everyone is on the same page, and the right paperwork is in place well ahead of time. It’s not just about leaving money behind. You can make a lot of decisions in your end-of-life planning that may help take care of your loved ones, and can also involve minimizing taxes on the assets left behind.
Writing a Will
There are four different types of wills that can help ensure your plans are carried out after death.
• A simple will, which lets you have control over what happens to your assets
• A joint will, which is created by two people
• A testamentary trust will, which involves creating a trust
• A living will, which specifies your wishes if you were medically incapacitated
If you die without a will you risk having your property go to people you didn’t intend it to go. There are online templates to create a simple will or you can work with an attorney to put your end-of-life wishes in writing, and take care of your loved ones.
Learn more about estate planning with SoFi here.
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