With long training periods, relocating at a moment’s notice, and the risks of active service, military life can be unpredictable. Therefore, service members and their families need to be prepared for anything.
For military veterans and active members alike, estate planning is crucial to protecting their spouses and children, as well as ensuring their assets and finances are responsibly managed in the event of their disability, deployment, or death. Estate planning can also minimize tax liabilities and help military families avoid a lengthy probate process.
In this article, we will discuss important considerations and explore some unique benefits for those who dutifully served our country.
The independence you deserve
Military estate planning addresses several legal issues that are unique to the military. Legal documents include appointing a guardian for minor children in case of deployment or incapacity, designating a trusted person to manage financial matters during military service, and making provisions for the continuity of business or assets while on active duty.
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Here are some key documents and decisions to consider:
- Power of attorney: Power of attorney gives a trusted person the authority to act on your behalf in legal, financial, or medical matters if you become incapacitated.
- Living will (advanced medical directive): A living will allows you to describe what medical treatments and end-of-life decisions can be made in case you are seriously injured, incapacitated, or terminally ill. You can also designate who you prefer to make medical decisions if you are unable to do so.
- Last will and testament: A will gives you the authority to dictate your wishes after your death. In the absence of a will, state law governs the distribution of your assets and the appointment of guardians for your children.
- Testamentary/non testamentary trust: A testamentary trust is a trust created through a will that takes effect upon the death of the creator of the will (grantor). A living trust, or an inter vivos trust, however, is a trust created by the grantor during his or her lifetime. In a testamentary trust, property must go through the probate court process.
- Servicemembers’ Group Life Insurance: Service members can supplement their SGLI with another life insurance policy, depending on the amount they want to provide to their families.
- Survivor benefits: In the event of your passing due to service-related injury or illness, your survivors may be entitled to benefits from the Defense Department and the Department of Veterans Affairs. Some benefits are automatic, but others, such as Social Security Survivor’s Benefits, must be applied for.
Estate planning for military veterans and active members can provide confidence and peace of mind that assets, including your home, and your loved ones will be protected for the future. If you are a veteran or on active duty, then it’s not too late to get started planning your estate.
Solutions for you and your family
For veterans or active military members who have questions regarding estate planning needs such as power of attorney, living wills, and trusts, or estate planning for blended families, contact the Hatley Law Group APC today.
Attorney Rod Hatley has well-established experience with the military, having served in the U.S. Navy Judge Advocate General’s (JAG) Corps, first as a criminal defense counsel and legal assistance attorney and then as a staff judge advocate and Special Assistant U.S. Attorney.
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