Estate planning isn’t just for those with a lot of money or assets. Regardless of your financial situation, if you own property, a car, savings account, or other personal assets, you should be planning your estate. This is even more important for servicemen and women. Estate planning for military people is an essential part of ensuring your family is taken care of should something happen to you. When you’re in the military, you need to consider different estate planning than the average person, especially for those families with more than one family member deployed at one time.
How Servicemen and Women Can Benefit From Estate Planning
Every military person is entitled to essential estate planning military services. Ensuring your family is taken care of should you become ill or injured is one of the main benefits of estate planning for military people. Some other benefits include:
- Life insurance – offers your family peace of mind when you are deployed.
- Survivor benefits – if you die or become seriously injured, your survivors will be entitled to help from the Department of Defense and Veterans Affairs Department.
- Funeral/burial arrangements – make sure your wishes are carried out correctly.
- Power of attorney – ensures that the right person speaks or acts on your behalf if you become incapacitated.
An attorney with knowledge and experience in estate planning for military people can help you and your family put together a will and other essential parts of your estate planning.
Essential Elements of Estate Planning for Servicemen and Women
Having a living will make sure young kids are taken care of if you die or become seriously injured. A living will also act as your medical directive. If you should suffer serious injury or become terminally ill, you can designate someone to make medical and financial decisions for you. This can be arranged through a power of attorney.
If you want to learn more about how estate planning for military service people can benefit your family. Contact our office for more information.