Estate planning considerations for veterans and active servicemembers

Are you a military veteran or still in active service? If yes, thank you for your service. Know that estate planning is a great way to better ensure the smooth transfer of assets, provide for loved ones and plan for the future.

Understanding unique considerations for veterans and active military personnel can help you to more effectively manage the process.

Military benefits

Military benefits can significantly impact estate planning for veterans and active military personnel. These benefits may include pensions, disability compensation, healthcare coverage through the Veterans Affairs (VA) system, survivor benefits and life insurance policies such as Servicemembers Group Life Insurance (SGLI) or Veterans Group Life Insurance (VGLI). When planning your estate, it’s important to carefully review and understand how these benefits integrate with other assets and how they can best serve your beneficiaries.

Power of attorney

Designating a trusted individual with power of attorney is crucial for veterans and active military personnel. This designation allows someone else to make important decisions on your behalf in case you become incapacitated or are deployed and unable to manage your affairs. When selecting someone for power of attorney, consider someone who understands your wishes and can act responsibly in your best interests.

Beneficiary designations

Military members should review and update beneficiary designations on retirement accounts, life insurance policies and other assets regularly, especially after significant life events like deployments or changes in family status. This helps ensure that your assets are distributed according to your current wishes and circumstances. Updating beneficiary designations ensures that your loved ones receive the benefits intended for them without complications or delays.

Legal guidance

When preparing your estate plan, consider seeking assistance from an attorney experienced in military estate planning. They can provide valuable insights and help to ensure that your estate plan will effectively protect your assets and provide for your loved ones according to your wishes. Call or contact us for veteran estate planning & your free initial consultation.