Serving your country is a career choice that may come with some risk to your personal safety, and your military service will impact virtually every area of your life. With these things in mind, you may consider the steps you can take to ensure that your legal and financial interests are secure. By creating an estate plan, you can protect yourself in the event that you suffer an injury, and you can ensure that your loved ones have the security they need after your passing.
Estate planning is an important step for Colorado adults of all ages and income levels, as well as those in different types of careers. However, there are specific things that may make the estate planning process complicated for the men and women who serve in different branches of the United States Armed Forces. You will benefit from learning more about the specific matters you will want to take into account after you create your estate plan.
Caring for your loved ones
One of your main priorities for creating an estate plan is protecting your loved ones and ensuring they have what they need for the future. With a career in the military, you may have to deploy, live in remote places and engage in activities that can be physically dangerous. It is especially important to have plans in place in case you suffer a serious injury or pass away unexpectedly. Important things to consider when creating your estate plan include the following:
- A health care power of attorney and living will
- Accurate beneficiary designations
- Up-to-date will
- Establishment of a trust
- Avoidance of certain types of estate taxes
You will also want to carefully review how the court distributes assets held in different types of military retirement accounts after the death of the account holder. Being prepared may help your loved ones during a stressful and difficult time, as well as provide you with security and peace of mind.
There are various factors that are unique to the estate planning process for a military servicemember. If you are in the military, you will benefit from understanding what steps you will need to take in order to have a complete plan that meets all of your specific needs. An assessment of your personal risks, your estate, income level and other factors can provide insight into creating an estate plan that will allow you to look to the future confidently.