Estate planning is an important consideration for everyone, but it can be especially crucial for military families. Frequent moves, deployments, and risk of injury or death during service can make it even more important to have a solid estate plan in place. Here are the top five estate planning tips for military families:
 

Estate Planning Tips for Military Families

1. Create a Will or Trust

A will or trust is a legal document that outlines how you want your assets distributed after your death. It’s important to have a will or trust in place, especially for military families who may have unique circumstances, such as children from a previous marriage or disability benefits. Without a will or trust, the state will decide how your assets are distributed, which may not align with your wishes.

2. Update Beneficiary Designations

Beneficiary designations are important because they determine who receives your retirement accounts, life insurance policies, and other assets upon your death. Make sure your beneficiary designations are up-to-date and reflect your current wishes. This is especially important after a major life event, such as marriage, divorce, or the birth of a child.

3. Consider a Power of Attorney

A power of attorney is a legal document that allows someone else to make financial or medical decisions on your behalf if you become incapacitated. This can be especially important for military families, who may be deployed or stationed far from home.

4. Organize Your Documents

Make sure your important documents, such as your will, trust, power of attorney, and insurance policies, are organized and easily accessible. This can be especially important for military families, who may need to access these documents quickly during a deployment or other emergency.

5. Consult with an Estate Planning Attorney

Estate planning can be complex, especially for military families who may have unique circumstances. Consulting with an experienced estate planning attorney can help ensure that your wishes are properly documented, and your estate plan reflects your unique needs and circumstances.

If you are a military family in need of estate planning services, consider contacting Dennis P. Faller, Attorney at Law. Located in Wapakoneta, OH, they take pride in helping their clients navigate complicated legal matters, including estate planning, real estate, and more. Call (419) 738-4578 or visit their website for more information about their firm and practice areas.