When it comes to estate planning, military families have special requirements that the average family simply will never have to face. A loved one in the military holds a job that may require overseas deployments and being exposed to life-threatening combat situations, sometimes on a daily basis.
Because of such scenarios, estate planning is critical for members of the military. Right here in the Colorado Springs area, the soldiers from Fort Carson and airmen and airwomen at Schriever Air Force Base want to ensure that their families will be taken care of financially if they never return home.
Estate planning is sometimes an afterthought for many people, including members of the military. By having your estate and finances in order, you may be able to make matters less stressful for your family should anything happen to you.
Things you should do
Among the matters that you should address include:
- Make sure you have a will. If you’re about to deploy and don’t have one, get a will drafted immediately. If you already have one, make sure that the beneficiary information is up to date.
- Update your beneficiaries on your life insurance policies and retirement accounts, too.
- Consider creating a power of attorney for your spouse or another family member. By doing this, that person will be able to make financial decisions when you’re not there.
- Enroll in a low-cost life insurance plan offered by the military.
- Consider setting up a trust.
Developing a solid estate plan is important for every family. But with the additional risks faced by military members, it’s even more essential for their families.