Many people believe that estate planning is only for the elderly. As you get ready for deployment, you know that isn’t the case. Though you are older and have a family, you haven’t yet put together an estate plan. As you look to the future, you’ve realized that having one is essential, especially if you find yourself in danger while in the military.
You want to know that your family will be taken care of and that your estate is prepared. The last thing you want is for your grieving family to have to go through a tedious probate process or not know your wishes.
Fortunately, you can start working on your estate plan right away. As a member of the military, some of the military estate planning items you may want support with include:
- Learning more about survivor benefits and assigning beneficiaries
- Questions about estate administration and probate
- Building a living will
- Making funeral or burial arrangements
- Making decisions about organ donation and taking steps so that others will know your preferences
- Creating a trust
- Help avoiding estate taxes
- Assigning life insurance
- Learning about family care plans
- Setting up Powers of Attorney
It’s true that you may have many questions about estate planning, and you may not have the time to do all parts of your estate plan right away. However, you can start with the basics. Setting up a will that discusses your wishes if you pass away, putting together your Powers of Attorney so that there is someone to make health care decisions for you or to take care of financial concerns if you are unable to, and assigning beneficiaries to major assets are all great first steps.
Some people avoid making estate plans because of how complex they are and due to their young age, but the reality is that anyone can pass away at any time. It’s important for you to set up the very basics of your estate plan before you deploy, so that there is a plan in place if you happen to pass away or become incapacitated. Your family and friends will have a much easier time taking care of you or working through your funeral if these plans are already in place for them. If you have time, make sure you share your wishes with them before you leave, so they know what to expect if the worst comes to pass.
