It is always important to honor those who serve and sacrifice for our country. It is also important for military families to set up an estate plan. Military families have unique considerations that other families do not, especially when a family member is deployed. Military families also have access to special benefits and resources that other families do not. All this leads to a potentially more complicated scenario than what other families encounter.
Whether you are active or retired, here are some factors for your to consider for your estate planning needs.
Factors to Consider
Everyone’s estate plan should be customized to the person’s particular circumstances. Some factors you should think about as your prepare to create or revise an estate plan include.
- You own land, possibly in multiple states;
- You are married;
- You have minor children, or children with special needs;
- You have money in retirement accounts, such as a 401(k), IRA, or thrift savings plans;
- You are charitably inclined and contribute to charities;
- You move often.
Estate Planning Necessities
Military families get many benefits that impact or are a part of estate planning, such as:
Life insurance
Life insurance is especially important for a family member deployed to a combat zone. Active-duty military personnel have access to low-cost life insurance through Service Members’ Life Insurance Group. You can also go to the Department of Veterans Affairs website for more information. You should regularly review your beneficiary designations to ensure that your life insurance goes to whom you want.
Wills and Trusts
Wills and trusts control your property and how you want it distributed. You can also address how to care of minor children, special needs family members, and other unique situations.
Other benefits for survivors
Survivor benefit plans (SBP) are pension-type plans that pay your surviving spouse and children a monthly benefit. Dependency and indemnity compensation (D&IC) provides a monthly benefit to eligible survivors of service members or veterans (1) who die while on active duty, (2) whose death is due to a service-related disease or injury or (3) who are receiving or entitled to receive VA compensation for service-related disability and are totally disabled. When you are looking into any financial service or product, you should always review the beneficiary designations to ensure they work correctly and will benefit your family the way you want.
You Need Special Help
If you serve in the military, you know that you are subject to frequent moves, can get unique government benefits, and are taxed differently from civilians. Because of all this, your estate planning strategy is often a little bit more complicated than most others.
An estate planning attorney can help you with the following needs and services:
- Create financial and medical powers of attorney to be effective upon incapacity or deployment;
- Wills;
- Trusts;
- Family care plans;
- Life insurance;
- Estate administration and/or probate;
- Organ donation;
- Funeral and burial arrangements; and
- Survivor benefits.
An estate plan has many goals: to provide for you and your loved ones while you are deployed or mentally incapacitated, pass on your property after you pass away to who you want, when you want, and how you want, and ultimately, to protect and provide for your family when you are no longer there to protect and provide for them yourself. Contact The Rains Law Firm or schedule a complimentary initial meeting to begin creating your personalized estate plan.