Make Your Wishes Known: Estate Planning Essentials for Service Members and Families

Family really does come first. Most of us do everything in our power to provide for our loved ones and keep them safe and happy. It gets us up and out in the morning and crosses our minds again as we fall asleep at night. That’s why estate planning is one of the greatest gifts we can give ourselves and those we love.

Making an estate plan allows us to provide for our loved ones in the event that we become incapacitated or otherwise unavailable by making our wishes clear for our property and finances, our medical decisions and our dependents’ care. An estate plan gives us a voice during the time our loved ones need it most. And having one in place is especially important for those with underage children or a blended family because unless there’s a plan, a court could decide guardianship of the children and transfer of assets.

Estate plans may include legal documents such as wills, living wills, powers of attorney for health care and finances, trusts and letters of instructions, and actions such as retitling of assets like vehicles and homes, and distribution of retirement, life insurance and other funds.

Estate planning provides peace of mind, can save time and money — for ourselves and our loved ones — and contributes to overall individual readiness. So work on your plan today. Attorneys, financial planners, accountants, business advisors and insurance agents can be part of a team of expert advisors that provides assistance with the following essential components:

• Funeral and burial arrangements: Including funeral and burial arrangements in your estate plan communicates your final wishes and allows your survivors to make them happen. Remember to explore funeral and burial benefits through the U.S. Department of Veterans Affairs (VA).
• Last will and testament: This legal document enables you to dictate your wishes after your death. Without a will, state law governs the distribution of your property and who should be responsible for the care of your underage children.
• Living will (advance medical directive): This legal document allows you to describe the medical treatments you do or don’t want in the event of a serious injury or illness. You can also designate someone to make medical decisions on your behalf if the need arises.
• Long-term care insurance: It is important to plan ahead for care you may need if you have a disabling or chronic illness and can no longer care for yourself.
• Power of attorney: This legal document gives someone authority to act on your behalf on legal or money matters if you become unable to handle your affairs.
• Life Insurance: Service members receive life insurance through Servicemembers’ Group Life Insurance (SGLI). Supplementing with another policy is an option for increasing the amount survivors would receive. Service members pay for spousal coverage through Family Servicemembers’ Group Life Insurance (FSGLI) while dependent children receive no-cost coverage. SGLI Traumatic Injury Protection (TSGLI) provides automatic traumatic injury coverage to all Service members with coverage under SGLI.
• Survivor Benefit Plan: Survivors of Service members who die because of a service-related injury or illness may be entitled to benefits from the Department of Defense and VA. Some benefits are automatic, but families must apply for others. Service members may also purchase survivor coverage upon retirement.
• Testamentary/Non-Testamentary Trust: This is a legal document used to manage or protect assets, provide privacy, provide for multiple beneficiaries and provide for children or tax planning. It also helps avoid delays and costs of probate court.

So increase your peace of mind and protect your loved ones today. Accredited Personal Financial Managers or Personal Financial Counselors at your nearest Family Center can help you look at your current financial status and establish goals for where you would like to be in the future as it pertains to your estate.

Your Service’s Legal Assistance program will help you with the planning, production and execution of your estate plan to ensure fulfilment of your goals for the transfer of your estate. Once you’ve completed your estate plan, store your documents in a safe and secure place. Conduct periodic reviews, especially whenever you have a major life event such as marrying, divorcing or welcoming a new family member, and update as necessary.

Find out more about estate planning essentials at Military OneSource, review the Estate Planning Tool Kit for Military & Family Members and fill out a Peace of Mind Plan.

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