Overview
SoFi (Social Finance) is a leading fintech company serving over 7 million members with banking, investing, and lending products. Because SoFi offers a wide range of services—from high-yield savings accounts to brokerage accounts and student loans—the estate process can involve multiple departments.
When an account holder passes away, the estate representative must notify SoFi to freeze the accounts and begin the transfer process. It is important to note that SoFi Invest accounts are cleared through Apex Clearing, so you may receive forms or correspondence referencing Apex.
Additionally, SoFi's policies regarding Inherited IRAs differ from traditional brokerages. As of recent updates, SoFi Invest may not support opening new Inherited IRA (Beneficiary IRA) accounts directly on their platform, often requiring beneficiaries to transfer assets to another custodian or take a distribution.
This guide provides informational guidance only. It is not legal advice, and SwiftProbate is not a law firm. Laws and institutional procedures change — verify current requirements directly with SoFi and consider consulting a qualified attorney.
Notification Process
How to Notify SoFi of a Death
Step 1: Gather Initial Information
Before contacting SoFi, have the following ready:
- Decedent's full legal name and date of birth
- Date of death
- Social Security number
- Account numbers (Checking, Savings, Invest, Loans, Credit Card)
- Your name and relationship to the decedent
- A certified copy of the death certificate
Step 2: Call SoFi Member Support
SoFi does not have a direct public "Estate Services" phone line; all death notifications are routed through their main member support team.
- Phone: (855) 456-7634
- Hours: Mon–Thu, 5 AM – 7 PM PT; Fri–Sun, 5 AM – 5 PM PT
What to expect:
Select the option for the specific product type (e.g., "Banking" or "Invest") or speak to a general representative. Inform them you are calling to report the death of a member. They will verify your identity and the decedent's information.
When you reach an agent, they will:
- Place a deceased flag on the account(s), which freezes automatic payments and online access.
- Create an internal case for the Estate Services team.
- Send you a secure email link or instructions on how to upload/mail the death certificate and other required documents.
Step 3: Submit Required Documents
SoFi typically prefers digital upload via a secure link provided by the agent. If you are required to mail physical documents, verify the specific address with the agent, as it varies by product (Bank vs. Invest).
General Mailing Address (SoFi Bank):
SoFi Estate Services
2750 E Cottonwood Parkway, Suite 300
Cottonwood Heights, UT 84121
For SoFi Invest Accounts:
You may be instructed to mail documents to their clearing firm, Apex Clearing:
Apex Clearing Corporation
c/o SoFi Estate Processing
350 N St Paul Street, Suite 1300
Dallas, TX 75201
Step 4: Wait for Processing
After SoFi receives your documents, expect:
- Acknowledgment: 3–5 business days via email.
- Document review: 1–2 weeks.
- Invest Account Processing: 2–4 weeks (involves Apex Clearing).
Step 5: Receive Funds / Transfer Assets
Once approved:
- Bank Accounts: Funds are typically issued via check payable to the estate or the beneficiary.
- Invest Accounts: Assets may need to be transferred to another brokerage (ACAT transfer) if SoFi cannot open an inherited account for you.
Required Documents
Documents SoFi Requires
The exact documents depend on account type, account value, and whether the estate is going through probate.
Always Required
| Document | Details |
|---|---|
| Certified death certificate | 1 certified copy is usually sufficient if uploaded digitally |
| Government-issued photo ID | Of the person claiming the account |
| SoFi / Apex Affidavit of Domicile | Often required for Invest accounts (provided by SoFi) |
If There Is a Will (Testate Estate)
| Document | Details |
|---|---|
| Letters Testamentary | Issued by the probate court — must be certified and dated within 60 days |
| EIN (Employer Identification Number) | For the estate, if opening an estate account |
If There Is No Will (Intestate Estate)
| Document | Details |
|---|---|
| Letters of Administration | Issued by the probate court |
| EIN | For the estate |
Small Estate (Below Probate Threshold)
| Document | Details |
|---|---|
| Small estate affidavit | State-specific form used to claim assets without full probate |
Beneficiary / POD / TOD Accounts
| Document | Details |
|---|---|
| Certified death certificate | Usually the only document needed |
| Beneficiary Claim Form | Provided by SoFi/Apex after notification |
Trust Accounts
| Document | Details |
|---|---|
| Trust Certification | Proving the trust's existence and trustee's authority |
| Successor Trustee ID | Government-issued photo ID |
Account Types
How SoFi Handles Different Account Types
Joint Accounts (SoFi Money / Checking)
The surviving joint owner typically needs only a certified death certificate to have the decedent's name removed. The account usually converts to an individual account in the survivor's name.
Timeline: 3–7 business days
POD (Payable on Death) / TOD (Transfer on Death) Accounts
Named beneficiaries claim funds by providing a death certificate and ID.
* Bank Accounts: Paid out via check or transferred to a SoFi account.
* Invest Accounts: Assets are transferred to the beneficiary. Note that SoFi Invest may require you to transfer the assets to an external brokerage account if you do not have a SoFi account or if the asset type is not supported.
Timeline: 2–4 weeks
Individual Accounts (Probate Required)
Accounts held solely in the decedent's name with no beneficiary designation require Letters Testamentary or Letters of Administration from probate court. Funds are released to the Estate of the Decedent.
Timeline: 3–6+ months (depending on probate court)
Retirement Accounts (IRA, Roth IRA)
Important: SoFi Invest currently has limitations on opening Inherited IRAs (Beneficiary IRAs).
* Spouse: Can typically treat the IRA as their own (Spousal Assumption).
* Non-Spouse: You may be required to open an Inherited IRA at another brokerage (e.g., Fidelity, Schwab, Vanguard) and initiate a transfer (ACAT) to move the assets out of SoFi. SoFi generally does not hold Inherited IRAs for non-spouse beneficiaries.
Timeline: 3–6 weeks (due to external transfer requirements)
Student Loans & Personal Loans
* Student Loans: Federal student loans are discharged upon death. Private student loans (including SoFi refinanced loans) may be discharged depending on the loan terms. SoFi generally discharges the balance upon receipt of a death certificate.
* Personal Loans: The estate is liable for the balance.
Timeline: 2–4 weeks for discharge confirmation
State Considerations
How Your State Affects the SoFi Process
SoFi operates nationally, but probate is governed by state law. Your state determines:
- Whether probate is required and how long it takes
- Small estate thresholds — estates below certain values can skip formal probate
- Community property rules — in states like CA, TX, WA, spouses may have rights to accounts even if not named
- Creditor claim periods — how long creditors have to file claims
Key State Variations
| State | Small Estate Threshold | Community Property? | Notable Rules |
|---|---|---|---|
| California | $184,500 | Yes | SoFi is based in CA/UT; strict adherence to CA small estate rules often applies |
| Texas | $75,000 | Yes | Requires specific affidavit forms |
| New York | $50,000 | No | "Voluntary Administration" for small estates |
| Florida | $75,000 | No | "Summary Administration" available |
For detailed probate requirements, see our state and county probate guides.
Timelines
How Long SoFi Takes to Release Funds
| Account Type | Estimated Timeline | Key Factor |
|---|---|---|
| Joint account | 3–7 business days | Quickest process; just needs death cert |
| POD/TOD beneficiary | 2–4 weeks | Depends on Apex Clearing processing speed |
| Trust account | 3–5 weeks | Requires legal review of trust docs |
| Small estate affidavit | 4–6 weeks | Varies by state waiting periods |
| Probate (simple estate) | 3–6 months | Depends on court issuing Letters |
| Retirement (Inherited) | 3–6 weeks | Longer if transferring to external broker |
Note: SoFi Invest accounts often take longer than SoFi Bank accounts due to the involvement of the clearing firm.
Tips & Pitfalls
Common Pitfalls and Tips
SoFi Invest vs. SoFi Bank
Remember that these are separate entities on the back end. You may need to submit documents twice or deal with different requirements for the brokerage account (Apex Clearing) versus the bank account.
Inherited IRA Limitations
Do not assume SoFi will open an Inherited IRA for you. Be prepared to open an account at another major brokerage and request a "Transfer of Assets" to move the funds out.
Automatic Payments
Once the deceased flag is placed, all automatic payments (bills, subscriptions) are stopped immediately. Ensure you make alternative arrangements for critical bills like mortgage or utilities.
Student Loan Discharge
If the decedent had SoFi student loans, explicitly ask for the Death Discharge department. Do not make payments on these loans while the death certificate is being processed.
Keep the Case Number
When you first call (855) 456-7634, ask for a case reference number. SoFi support handles high volumes, and having a case number will save you from repeating your story every time you call.