The future is unpredictable, and it is often difficult to determine what type of legal and financial protections you may need in the months and years to come. While you cannot know what will happen with certainty, you can make plans that will allow you to look to your future with confidence, knowing that your interests are secure. One way you can do this is by creating a thoughtful and complete estate plan.
Creating an estate plan is especially important for military servicemembers. These individuals face greater personal risk in their everyday lives, and they will benefit from having plans in place, regardless of their age or the size of the family. If you serve in the military, there are a variety of tools available to you that could allow you to protect your interests and control certain aspects of your future.
Don’t pass away without a plan
There are many reasons why it is important to have an estate plan in place. If you do not have a plan and you pass away, state laws could determine what happens to your personal property. As you consider what you need for a comprehensive strategy, you may benefit from incorporating the following elements:
- Will — This estate planning document allows you to have the final say over what happens to your personal property. You can also name a guardian for minor children.
- Trust — This allows you to set aside and protect your assets for a specific purpose, such as charitable giving or the care of a minor heir.
- Advance directives — These documents allow you to make decisions for yourself in the event of your incapacitation in the future. You can also name someone to act on your behalf.
You will also benefit from keeping your life insurance accounts updated with the correct beneficiaries, assuring that your assets and money end up with the right person.
The perfect estate plan
The perfect estate plan is the one specifically suited to your individual needs and objectives. If you are a servicemember, you will benefit from having experienced guidance as you navigate sensitive issues and make plans that will allow you to face the future with confidence. As a military member, it is also important to take tax laws and other factors that may be unique to your career under consideration.