The military profession comes with inherent risks. While everyone benefits from proper estate planning, it is especially imperative for military personnel. Having a comprehensive estate plan provides the peace of mind that your family will be cared for in the event of your death or disability. The military offers a variety of estate planning services to its personnel as a benefit; however, many find that the legal services provided are not as comprehensive as they need and seek private counsel.
The services offered by the military are often quick appointments given as part of the pre-mobilization or pre-deployment process. The officers providing the legal paperwork usually have limited time and resources and lack the capability to prepare more complex estate plans.
If your situation calls for the use of a trust, then you most likely will need to retain private counsel. A trust may be needed if you want to maintain privacy and avoid probate, have a potential heir with special needs or have certain assets that require a higher level of protection. After creating a trust, it needs to be properly funded which may include changing titles of real or personal property, updating transfer-on-death designations for certain accounts and life insurance policies or completing paperwork to re-issue stocks. Failing to take the proper steps to fund a trust defeats the purpose behind creating it in the first place.
Part of estate planning includes looking at the financial aspects of a military personnel’s situation. Being in the military provides certain benefits and retirement considerations that are not the same as a civilian. The following financial steps should also be taken as part of the planning process:
· Determine how much insurance coverage you need to adequately protect your family in the case of death but also in the case of a disability.
· Map out your income streams from the various sources like 401(k)s, military pensions, social security benefits and other avenues into one cohesive plan.
· Review and update all beneficiary designations on retirement accounts, life insurance policies and any annuities or investments.
· Review and understand how all real property is titled and how it will be distributed upon your death.
· Provide a detailed letter to your designated executor that will be opened once you pass away that provides instructions on how to access your will and other estate documents. Also include any funeral wishes, access to passwords and contact information for your estate planning attorneys, CPAs and financial advisors.
Also keep in mind that estate planning documents need to reviewed and possibly updated periodically. If you experience any major life change such as marriage, divorce, birth of a child, disability or leave the military then be sure to review your documents to determine if that event triggers any needed revisions.
At Stouffer Legal in the Greater Baltimore area, we assist military personnel with drafting wills, trusts, power of attorney documents, family care plans and other documents to ensure that your family remains protected. Contact us for a military personnel estate planning consultation. You can schedule an appointment by calling us at (443) 470-3599, emailing us at office@stoufferlegal.com, or register for an upcoming free webinar using the link below:
https://attendee.gotowebinar.com/register/214530528686575375
https://attendee.gotowebinar.com/register/6793194470693626383
https://attendee.gotowebinar.com/register/9189240314338220815
https://attendee.gotowebinar.com/register/6295057429194620431
