- posted: Jul. 15, 2019
Being Deployed? Here’s What You Need to Do with Your Estate Plan
You just received your orders, and you will be deployed shortly. No matter the time frame, there is still time to make sure your affairs are in order.
- Review or prepare a Family Care Plan
Regardless of the branch of the military in which you are serving, you may be required to complete a Family Care Plan. It is usually required for single parents, dual service member couples with dependents, those who are married with custody or joint custody of a child whose non-custodial biological or adoptive parent is not the current spouse of the service member, or those who otherwise bear sole responsibility for the care of children under the age of 19 or for others unable to care for themselves in the absence of the service member, or those who are primarily responsible for a dependent family member.
This plan consists of written instructions to your loved ones on how to manage day-to-day activities and any necessary legal documents. It will also document who will care for your family members when you are unable to due to being away and that the specified caregiver has agreed to do so.
- Review or have estate planning documents prepared
To ensure that your wishes are carried out, it is important that they are written down. This can be accomplished through the use of a will or a trust. If you have a will already, it is important to make sure that it still reflects your wishes. If you have gotten married or had children since the will was first prepared, it is important that the document be updated. Also, if you have gotten married or had a child since you first had the will prepared, you may want to consider having a trust prepared. While a will and a trust will both distribute your assets according to your wishes, a trust has the added benefit of allowing the administration to take place without court involvement and offering asset protection for the beneficiaries.
- Review or complete beneficiary designations
As a service member, you may have access to life insurance policies or other survivor benefits. It is important that you review these policies to make sure that the recipient is who you would like to receive the benefits. As mentioned before, this is especially important if you have recently gotten married or had children.
- Assess your life insurance needs
When planning for the financial security of your family, it is important to assess the needs of your family. According to the U.S. Department of Veterans Affairs, the Servicemembers’ Group Life Insurance coverage is available in $50,000 increments up to the maximum of $400,000. However, if you need more than this, it is important that you research your other options.
We are here to help
You have made a heroic decision to serve your country, and we are here to serve you. If you have any questions about starting or reviewing your estate plans, please give us a call.
FAQs and Myths - Estate Planning for Military Families
FAQ
I am currently enlisted in the military. Shouldn’t I just go through the Judge Advocate General (JAG) office for all of my estate planning since it is provided to me for little or no charge?
While you do have some legal services at your disposal because of your military service, sometimes the basic estate planning offered by your JAG office is not enough to carry out your specific wishes and truly protect your family. By working with an experienced estate planning attorney, we can help ensure that your individual situation is evaluated and a custom plan is crafted and implemented to meet your needs.
I am able to purchase up to $400,000 in life insurance through the Servicemembers’ Group Life Insurance. Why should I consider more?
Although $400,000 seems like a lot of money, it can be depleted quickly. Depending on your unique situation, your family may need more than that. Are you married? Do you have children? The cost of raising a child to age 18 is approximately $250,000, so that life insurance could be eaten up quickly. Will your family need to move if you pass away? Does your spouse currently work, and will he or she need to return to work and then find child care? The passing of a loved one can throw a family into financial turmoil. With the proper planning, it is better to leave your family with more resources, appropriately protected, than too few.
Myths
I already had a will prepared when I was deployed last time. I don’t need to worry about it anymore.
False. Estate planning is not a one and done task. Depending upon how long it has been since you had the documents prepared, it is always a good idea to have them reviewed by an experienced estate planning attorney to make sure that your wishes are adequately contained in the old documents. Life is full of changes, and it is important that your estate planning documents reflect your life and needs as they are right now.
I am single and don’t own a home or any other large asset. Estate planning isn’t necessary for me.
Regardless of your financial status, estate planning is important for everyone. It not only covers what to do with your assets when you have passed away, it also includes documents such as financial and medical powers of attorney that will authorize individuals to act on your behalf if you are not able to due to incapacity or being out of the country.