Estate Planning Overview
Creating an estate plan offers you the peace of mind of knowing that your wishes will be honored in the event that something unexpected happens to you. You are also giving a tremendous gift to your loved ones by providing them with the information they need to move forward during a difficult time and avoid problems that might arise due to your death.
Your estate includes all the property you own at the time of your death — real estate, bank accounts, stocks and bonds, personal property (art, jewelry, cars), etc. Your estate plan will detail how and to whom you want your property transferred. It can also cover your medical care wishes, funeral arrangements and much more.
It is never too early to start estate planning; in fact, the earlier the better. Just remember, estate planning is a continuous process that you should evaluate every three to five years or as significant life events occur such as marriage, birth of a child or divorce. You may need to review your estate plan even more frequently due to changes associated with your military lifestyle. Consider an update if you are pending deployment, purchasing a house, becoming a landlord or living apart from your family. Understanding available estate plan options can be daunting, so it’s important to talk with an estate planning attorney.
Thankfully, developing and reviewing your estate plan is a no-cost service for military members and their families. Just set up an appointment with an attorney at your installation’s legal assistance office to begin your estate plan or to update components of it.
Here are a few things to consider as you get started creating or reviewing your estate plan:
Determine your goals. Think about where you are now, where you’d like to be in the future and what is important to you. Examples of goals might include: describing how you want to provide for your minor children, determining your property distribution, appointing people to manage your wishes and detailing your personal health care requests.
Understand your situation. Talk to the experts to make sure you have the right documents in place to best accomplish your goals. Military legal advisors can help you understand the details about wills[KM1] , trusts and powers of attorney (and the different types of each). Find out if a simple will is sufficient at this time or whether you should consider a trust. Legal advisors can also assist with living wills, insurance designations and documenting funeral and burial decisions.
Build your team. Military legal assistance can provide legal services, and personal financial counselors or managers can help with your financial questions, all at no cost to you. Depending on your estate plan goals and your personal situation, you may also choose to add other members to your team such as a private attorney, guardian, trustee or executor who can act on your behalf if needed. You will learn more about the purpose and function of possible team members as you work with legal assistance to develop your estate plan.
Review your resources. Take advantage of the following information for service members and families to assist as you develop your estate plan.
· Watch FINRED’s Estate Planning video to learn more about the ins and outs of estate planning.
· Read the FINRED estate planning blog on Medium.[KM2]
· Check out the FINRED estate planning fact sheet[KM3] .
· Find out more about estate planning essentials on Military OneSource.
· Review the Estate Planning Tool Kit for Military & Family Members.
· Fill out a Peace of Mind Plan.
· Find personal financial managers or counselors at your nearest Family Center: (https://installations.militaryonesource.mil or https://www.jointservicessupport.org/spn).
· Use the Legal Assistance Services Locator: http://legalassistance.law.af.mil/content/locator.php.
· Contact the U.S. Army Judge Advocate General’s Corps: https://www.jagcnet.army.mil.
· Reach out to the U.S. Navy Judge Advocate General’s Corps: http://www.jag.navy.mil/legal_services/legal_services_locator_rlso.htm.
· Visit U.S. Air Force Legal Assistance: https://aflegalassistance.law.af.mil/lass/lass.html.
· Contact Coast Guard Legal Assistance: https://www.uscg.mil/Resources/Legal/LMA/Legal_Assistance.aspx.
Get started today. Make a commitment to your peace of mind and your family’s well-being, and schedule your no-cost appointment with your installation’s legal assistance office to start your estate plan. You and your family will be glad you did!
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