Wills and Trusts
Wills and trusts and other tools for end-of-life planning make up one part of the general category we call “risk management” in our financial plans. Everyone needs to have some form of end of life plan, regardless of how much you have in assets. Often this starts with designating beneficiaries for your accounts, designating power of attorney to trusted individuals, and establishing advance directives so that your wishes with regards to medical care are in place.
Preparing these things sooner than later can save your loved ones grief and also money. Often we think that our wishes are obvious, and that our children would wind up with the relative we love and trust the most, or make similar assumptions, but often our wishes are not what happens by default within the law.
Creating a will or trust or other directives does not have to cost a lot of money and is not something only for the very wealthy. These tools can help you ensure that when you pass, your loved ones are taken care of and not burdened by hardship.
B.F.F. Approved Wills and Trusts
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Smart Money Mamas In Case of Emergency Binder
The Family Emergency Binder is aimed to create an extremely comprehensive plan that covers everything from assets to medical directives to custody to maintaining family traditions. It has over 90 pages of worksheets in 16 categories that cover everything from cold hard cash to bedtime rituals.
This is a great tool for those who handle most of their family’s financial, medical, insurance, and other needs and who want to make sure that if something happens to them their family isn’t lost without them. It can also be helpful for those who want to organize their paperwork, including insurance policies, medical information, tax information, and passwords ro reduce the stress of dealing with life’s little emergencies.
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Fabric
Fabric offers a simple, easy-to-understand way for families to make a free online will. It only takes about five minutes to answer a few questions and make a will with Fabric. You can even share the details of your decisions with your trusted contacts right from the app.
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Trust & Will
Trust & Will offers you the ability to create documents like wills, trusts, and guardianships for prices ranging from $199 to $599, depending on your needs. If you would like to consult with an estate planning attorney for advice on your documents, that is also available for an additional fee.
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Hello Prenup
For a one-time, flat fee of $599 per couple, Hello Prenup's platform lets you create your own custom prenuptial agreement, specific to your state.
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LegalShield
We know how quickly costs can add up when you are paying for a lawyer by the hour! As an alternative option, consider a legal subscription service like LegalShield. You pay a monthly subscription fee, which gets you access to a lawyer and legal advice. You can get help drafting your will, prenuptial agreement, or talk to a lawyer about a variety of other issues.