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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.

Your will also names an executor, who is the individual you choose to carry out your final wishes. It should be someone you trust who can handle major financial responsibilities, since they’ll be tasked with navigating both your family and financial institutions.

When you make a will, you’ll specify who will take possession of your assets that don’t have a beneficiary assigned. You can also outline your funeral preferences and other final wishes.

If you die without a will, the state takes over and names a representative on your behalf to handle the distribution of your property. The court could name your spouse or close family member to handle the job, or it could choose a public trustee if no one agrees to the job.

The probate process takes a long time, and your family typically won’t be able to access any of your accounts until an executor is named. That’s why it’s best to get started on your estate planning documentation as soon as possible.


💡 Quick Tip: We all know it’s good to have a will in place, but who has the time? These days, you can create a complete and customized estate plan online in as little as 15 minutes.

Letter of Intent

A letter of intent is another component of your estate planning checklist that allows you to leave an explanation to your loved ones. You can compose an emotional letter if you want, or stick to information that will make the transition easier for your family.

The letter of intent is a good place to list details like your bank accounts, passwords, and other important information your executor or family members may need. For instance, you may have joint accounts with your spouse. But if you’re the one who manages that money or is responsible for certain shared bills, you can explain how to handle those ongoing expenses moving forward.

Also include the physical locations of important documents and assets, like property titles, jewelry, or art.

Recommended: The Difference Between Will and Estate Planning

Beneficiary and Guardianship Designations

Your will documents should include designations for account beneficiaries and, if applicable, a guardianship for any minor children.

Some financial accounts require that you list a beneficiary; others do not. A standard checking account probably doesn’t require you to list a beneficiary, but you can likely volunteer to add one.

IRAs and life insurance do require you to add a beneficiary, regardless of the size of your account or policy.

While you do need to fill out the paperwork directly with the financial institution, you can also list your beneficiaries in your will documents to make it easier for your executor to access everything. Be sure to update beneficiaries if major life events occur, like divorce, the death of a spouse, or a birth.

Speaking of babies, you also need to designate a guardian for any dependents. You’ll need to include their names and birthdates and explicitly name the person or persons you wish to be their guardian should you die. If you’re in a two-parent household, the guardianship only goes into effect if both parents die.

Each state has its own way of handling minors if you pass away without naming a guardian. The court will likely pick a close family member to serve in the role, but it’s always better to make the decision on your own — especially if you have tense family dynamics.

Recommended: New Parent’s Guide to Setting Up a Will

Advance Medical Directive

An advance medical directive is a way to clarify your health care wishes in case you become medically incapacitated.

As part of this legal document, you can first name a durable power of attorney for health care. This basically hands over decision making to the person of your choice. It’s best to have conversations before any medical issues arise so they understand how you would prefer to move forward in certain health situations.

You can also include instructions for specific treatments in your advance medical directive. In what is known as a living will, you can list your stance on individual treatments and how your health care professionals should move forward in each scenario. For instance, you may include “do not resuscitate” orders or how you’d like organ donation to be handled (if at all).

Check your state laws on how to correctly instate an advance medical directive or living will. It’s also important to provide copies to your doctor and family members so that they have your wishes on hand.

If you are about to undergo a major medical procedure, you may be prompted to fill out an advance medical directive form before it takes place.

Power of Attorney

Another type of legal document to include in your estate planning checklist is power of attorney. It’s similar to a power of attorney for health care, but with much broader impact.

It lets you choose an individual to make all types of decisions on your behalf if you become incapacitated, including financial and living decisions.

You can opt to give someone general power of attorney, and that person will simply act on your behalf moving forward. Or you can grant someone individual power of attorney, which only lets them act on your behalf during specific situations that you include in the legal document.

A power of attorney becomes dissolved in a few situations. First, it automatically goes away if you die and the other directives of your will (including the executor) go into effect. It also automatically ends if you get divorced and your spouse had power of attorney for you.

Alternatively, if the person with power of attorney dies or becomes incapacitated, then they’ll no longer be able to fulfill their duties. A court can also invalidate the power of attorney document.

Just like any other role you assign in your estate planning documents, picking the right person to have power of attorney can have a major effect on your life. It’s best to choose wisely and have open conversations about your wishes if you could no longer take care of yourself.


💡 Quick Tip: It’s recommended that you update your will every 3-5 years, and after any major life event. With online estate planning, changes can be made in just a few minutes — no attorney required.

The Takeaway

Estate planning documents dictate a person’s wishes about how to handle their wealth, health, and children upon their incapacitation or demise. Making an estate plan is a good idea as it can minimize the delays, expense, and loss of privacy of the probate process.

When you want to make things easier on your loved ones in the future, SoFi can help. We partnered with Trust & Will, the leading online estate planning platform, to give our members 15% off their trust, will, or guardianship. The forms are fast, secure, and easy to use.

Coverage and pricing is subject to eligibility and underwriting criteria.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.
Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, SoFi Technologies, Inc. (SoFi) and SoFi 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.
Ladder offers coverage to people who are between the ages of 20 and 60 as of their nearest birthday. Your current age plus the term length cannot exceed 70 years.
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.

SOPT0923006

Starting a family comes with an entirely new set of responsibilities. One of the most important, yet frequently overlooked, necessities is setting up a will. This crucial document outlines tons of important details should you pass away, including what happens to your child.

Estate planning for parents can be broken down into just a few digestible steps. Here’s everything you need to think about, plus tips on how to organize all of your documents.

Estate Planning for New Parents

1. Draft a Will

About 67% of Americans don’t have a will. Setting up a will can be simpler than it seems. A will is a document that outlines how you want things handled after you pass away, including distribution of assets and how any minor children to be cared for.

While some people with complex investments and multiple properties may want to hire a lawyer for help, younger, healthy individuals can seek out online services that can walk them through the steps to make a will and sometimes have no initial cost.

Then, you can follow the execution instructions, which typically include signing your will in front of eligible witnesses. Check your state’s individual requirements. Sometimes, you must have your will notarized in order to become valid. Many banks and public libraries offer this service for free.

If you’re married, consider drafting a joint will with your spouse. This gives you the ability to plan for different scenarios, like what happens when one spouse passes away versus both passing away at the same time. Remember to regularly update your will whenever a major life change occurs, like having another child or adding new major assets.


💡 Quick Tip: We all know it’s good to have a will in place, but who has the time? These days, you can create a complete and customized estate plan online in as little as 15 minutes.

2. Choose an Executor

When you’re setting up a will, you’ll need to choose an executor. This is the person responsible for handling the legal and logistical aspects of disbursing your assets. They are also responsible for filing any remaining taxes and settling your debts.

Consequently, your executor should be someone you trust and who has the ability to handle the tasks involved. This is especially important when you have young children because the executor’s ability to tie up your finances will impact your kids’ inheritance.

Once you choose an executor, let them know that you’ve chosen them. Give them a quick rundown of what to expect, and also let them know where to find your will and other relevant documents.

3. Name a Guardian

When you start having kids, you also need to name a guardian to care for them if you pass away before they reach legal adulthood. There are a lot of things to consider when making this important decision.

First, think about the potential guardian’s ability to care for children. Are their grandparents too old to take care of them? Does the guardian live far away from other friends and family who could serve as a support system?

Also consider their financial capabilities and their ability to manage any assets you leave to help pay for your kids’ expenses.

Finally, think about your values and who would raise your children in a way that’s similar to your own parenting style. Also realize that your kids will be going through a tough time, so their guardian would ideally be someone whom they trust and would provide emotional comfort.

If you have more than one child, make sure you name a guardian for each one, even if it’s the same person. That means you need to update your will every time you have a new baby. Be as explicit as possible when naming a guardian; for instance, if you pick a sibling and their spouse, name both individuals as coguardians.

4. Set Up the Right Accounts

Some types of accounts may help you pass on your assets without having to pay as much in taxes. It’s an important part of the estate planning process and can help you maximize the amount of money you’re able to pass onto your kids. A trust fund can protect the money from being spent too quickly, either by the guardian or your children themselves.

You can implement safeguards as to how much money can be taken out and when. Even if your kids are of legal age, you can put annual withdrawal limits on the trust to prevent a young adult from overspending. Alternatively, even if you pick a guardian to oversee the emotional wellbeing of your children, that same person may not be the best at handling money. Choosing a trust can limit their spending on behalf of your children as well.

There are many different types of trusts, so you may consider consulting an estate planning attorney to choose the best one for your family’s needs.


💡 Quick Tip: A trust is a customized estate planning tool that can be helpful for your heirs in addition to a will.

5. Designate Beneficiaries

The final step of estate planning for parents is to designate a beneficiary for every account and insurance policy you have. Include bank accounts, retirement and other investment accounts, and life insurance policies.

When choosing beneficiaries, find out how each type of account is taxed for the recipient. Also create a list of all of your account numbers and other pertinent details and include them with your will. This makes it easy for your executor to locate all of your assets. Include debt information as well, like your mortgage and/or auto loan servicer.

You can also update beneficiaries as life changes. For instance, you might initially name your spouse as your life insurance beneficiary. But if they pass away before you, it’s time to update that designation to someone else.

6. Safely Store Your Documents

Once you’ve drafted your will and signed it in accordance with your state’s laws, it’s time to store all of the appropriate estate planning documents to make it easy for your executor and beneficiaries to access.

Lots of documents are now stored online, but you’ll still need to keep your original, signed will in physical form. You can keep it in a fire-proof box at home, or in a safety deposit box at your local bank. Be sure your executor knows where and how to access your documents.

7. Outline Access to Financial Accounts

Remember to keep an up-to-date list of all your financial accounts that need to be taken care of. Bank statements should include the account numbers to make it easy for your executor to find. Also include the location of any valuable items, like art or jewelry.

Finally, it’s helpful to include the contact information for any professionals you work with, like an accountant, financial advisor, and estate attorney. Include insurance policy numbers, loan details, credit card numbers, and any other financial accounts that would need to be closed.

The Takeaway

Estate planning for parents isn’t a one-time event. Get started when you have your first child, but also review your intentions and make changes at least once a year. That way, you always have an up-to-date and comprehensive will that reflects your current financials and family structure.

When you want to make things easier on your loved ones in the future, SoFi can help. We partnered with Trust & Will, the leading online estate planning platform, to give our members 15% off their trust, will, or guardianship. The forms are fast, secure, and easy to use.

Coverage and pricing is subject to eligibility and underwriting criteria.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.
Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, SoFi Technologies, Inc. (SoFi) and SoFi 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.
Ladder offers coverage to people who are between the ages of 20 and 60 as of their nearest birthday. Your current age plus the term length cannot exceed 70 years.
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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax 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.

SOPT0923005

No matter your age or your experience, traveling can be stressful. Add kids to the equation and the stress levels multiply. Tickets, boarding times, strollers, snacks, tablets, and tantrums —- it’s a lot to manage. So much so, it can be easy to forget to enjoy the incredible experience of traveling itself.

But that doesn’t mean you have to give up on going on vacation until your kids get older. Whether you’re dreaming of taking your crew to a foreign country or just a nearby city, these tips for traveling with kids could make your next family getaway seamless and memorable (for all the right reasons).

8 Tips for Traveling With Kids

Fortunately, there’s a lot you can do before you ever leave home to help minimize headaches on the road and help ensure your trip is fun for both kids and grown-ups alike. Here are eight tried-and-true family travel tips to try.

1. Pre-Book as Much as Possible

When it comes to tips for traveling with children, the more advance planning you can do, generally, the better. While you can’t anticipate every challenge you might face on the road, you can eliminate many of them by doing plenty of advance scouting.

Of course, it’s always a good idea to schedule transportation and accommodations far in advance to not only secure your reservations but also to potentially save some money.

Beyond the essentials, you may also be able to pre-book a lot of the activities you want to do, including sightseeing excursions and even meals. This can help ensure your family is experiencing a new place to the fullest and that the kids stay busy.

While having activities planned might be a lifesaver, it’s also ok to have a little bit of downtime and flexibility too. Exhausted children can be difficult to manage, so you might include some time for naps or relaxation to avoid meltdowns.

2. Selecting the Right Places To Stay

Researching and booking the right hotel ahead of time might help you find one with fun features for the kids, like a pool or complimentary breakfast. You could also talk with the hotel staff once you get there to inquire about upgrades, cots for the kids, or extra pillows.

If you’re not interested in the hotel experience, you might consider staying in a vacation rental property, which could give your family more space and feel more like a home.

3. Packing Smart

When you’re traveling with children, especially more than one, you might have a lot of stuff to manage. Why make it more complicated by packing more than you need? You could plan out the days ahead of time based on any activities or travel and anticipate what you and your kiddos might wear each day.

If it’s a long trip or you need to pack lots of layers, you could roll the clothes rather than fold them, which might free up some space for those extra outfits your little ones (and maybe you!) might need in case of spills.
As for shoes, you might opt for slip-ons if you’re going through airport security and save the sneakers for the suitcase.

4. Getting the Kids Excited for Travel

You might want to talk to your kids before the trip about where you’re going, how you’re getting there, and what you’ll be doing. If your child is a first-time traveler, they may feel nervous doing something so new if they don’t understand what’s going on.

Even months in advance, you could talk about this fun trip on the horizon and all the cool things you will see and do when you get there.

5. Leaving Plenty of Time

While you likely want to minimize waiting time (and boredom), you also don’t want to have to rush. It can be wise to give yourself lots of time to spare, especially if you’re traveling by plane. This will not only give you plenty of time to check bags and get through the security, but might also give your kids some time to explore all the interesting things at the airport and get some snacks.

If you’re traveling by train or car, there may be fewer pressures, but it can still be wise to build in time for the unexpected. Whatever your mode of transport, you’ll want to make sure that all necessary documentation (for you and the kids) and any snacks, drinks, and essential medicines are easily accessible.

Recommended: Calculating If It’s Cheaper To Drive Or Fly Somewhere

6. Bringing the Proper Gear

For the plane, you might take a backpack or bag that can hold everything you need. From baby wipes and hand sanitizer to chargers and snacks, all the little things could help you feel more prepared for any surprises. If your little one needs a stroller, you could consider swapping your day-to-day one out for something that might be easier to travel with.

If it’s a late flight and you need your kids to sleep in transit, you may want to bring small pillows or blankets to help them be comfortable. While new presents are fun and exciting (more on that later), you might also want to keep your child’s comfort toys or blankets nearby. They might feel more at ease if they have something familiar.

7. Bringing Your Car Seat on the Plane

While it may seem like a major hassle to carry a car seat to the gate and onto the plane, the Federal Aviation Administration (FAA) recommends placing children under the age of two in an approved car seat and not in your lap. Kids can safely ride just like they do in the car — either rear-facing or front-facing.

Also, if you are renting a car at your destination, you’ll need a car seat once you arrive. Car rental companies often cannot guarantee that a car seat will be available.

Recommended: Have Baby, Will Travel: Tips for New Parents

8. Bringing Surprises — and Plenty of Snacks

Kids love surprises, so you may want to buy some new toys or coloring books to keep them occupied during travel time. Also be sure to have lots of their fave snacks on hand. It’s great if they are healthy (fresh and dried fruits are easy to take on the road), but if all rules go out the window and its candy and snacks galore, that’s fun too. And while some parents rarely let their kids watch TV, changing that up for travel time might be one great exception. TV shows and fun games on the tablet might be a nice activity to keep kids busy on a long flight.

Recommended: When Is the Best Time to Book Summer Travel?

Should You Wait Until Your Kids Are Older?

There are pros and cons to traveling with kids at every age. Babies are very portable and typically fly for free. Preschoolers, on the other hand, are out of diapers and naturally curious about everything, so they don’t need expensive vacations to keep them entertained.

Travelling tends to get easier when kids are school age — no more bulky car seats and strollers. They’re still naturally curious but also have more patience. Pre-teens and teens are sponges and can learn a lot through travel — this can be a great age to plan travel to other countries and more exotic locales. Letting them get involved in the planning can also keep them excited and engaged.

Recommended: Airfares: What You Need to Know

Enjoying Your Vacation

You’ve put in the time to plan a vacation your entire family will (hopefully) remember. Now you can get ready to enjoy it! But you might want to accept that some things will undoubtedly go wrong. No amount of planning and outfit coordination will allow you to avoid every single mishap or meltdown, and that’s okay. You can adjust the plan as needed so you and your family can still have fun on your trip.

The Takeaway

Planning ahead, packing smart, and having all the tools at the ready, from snacks to little presents, might lead to your best family vacation yet. Whether it’s your first time traveling with kids or your tenth, it’s always wise to be prepared.

Since travel isn’t cheap (especially with kids), you’ll also want to be financially prepared for your trip. You might want to think about what the trip will cost, set a savings goal, and start stashing cash in your vacation fund well in advance. If you want to earn a high rate and pay the lowest fees, consider opening an account at an online bank. Without the added expenses of large branch networks, online banks are often able to offer more favorable returns than national brick-and-mortar institutions.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What do you need when traveling with kids?

It depends on the child’s age, but these items can come in handy when you’re on the road:

•   Extra clothes (in case of spills, accidents, or travel delays)

•   Hand sanitizer

•   Disposable wipes

•   Refillable water bottles

•   Disposable bags

•   Healthy snacks

•   Books, toys, and games

•   Medicines

•   First aid kit

What is the hardest age to travel with a child?

Every child is different, but kids between 12 and 18 months can be particularly challenging to travel with since they are typically mobile, don’t like to sit still for long stretches, and are too young to understand and follow directions.

What is the best age to take kids on vacation?

Every age has pros and cons but travel with kids generally gets easier after age six.

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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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