If you're currently in the military or retired from it, you need to consider estate planning so that your finances are in order should you become disabled or pass away one day. Your spouse, children, and extended family members need a strong financial foundation to fall back on in the event of unexpected emergencies. And it's not as hard as you think. If you have the assistance of an experienced estate planning attorney, you can navigate the process smoothly.
Prepare Your Will
This is essential in estate planning as a military family. Your will needs to include who will inherit your property when you pass away and if you're a single parent in the military, you should include who will be the guardians of your children should you pass away. If you have any other assets, the will should discuss when, how, and to whom they will be distributed upon your death. If you currently have a living trust for your children, you want to specify at what age they can access it after your death.
Purchase Life Insurance
Military families would also benefit from life insurance. One option would be to get the Family Servicemembers' Group Life Insurance. Your spouse and children would be eligible for this insurance if you're an active-duty servicemember or if you're a member of the National Guard or another uniformed service that is covered by this insurance on a full-time basis. FSGLI offers a maximum amount of up to $100,000 in coverage for your spouse. Your children can get up to $10,000. If this wouldn't work for you, there are diverse private life insurance plans you can choose from.
Assign A Power of Attorney
Another thing you should do is assign a power of attorney to handle your affairs should you become unable to do so due to illness. Choose someone who is trustworthy and reliable, and who will pay close attention to details. The individual should have a solid understanding of finances and who understands how you want your assets to be handled.
In conclusion, these strategies are essential in successful estate planning as a military family.
If you need assistance with estate planning as a military family, contact us. We are here to ensure that your estate planning goals are met successfully.