When someone joins the United States military, they will be provided with basic estate planning information and military resources. Military families have estate planning needs that typically do not apply to other families such as overseas deployment, frequent location reassignments, additional government benefits and unique tax situations. Whether you have recently joined the military, have a long-term career in the military or are retired from active duty, estate planning for military families can be more complicated than for civilian families.
An estate planning attorney can help military members make sure their family’s future is protected now and in the future. The U.S. government provides military members with benefits for survivors called a Survivor Benefit Plan (SBP). In addition to an SBP, there are other important estate planning documents for military families.
1. Will
A will provides a military member with security and peace of mind, knowing their wishes and goals for their spouse and children’s future will be made known to their legal representatives. Estate planning is planning for the unexpected.
2. Guardianship
Estate planning is protecting your loved one for the unexpected. In the case of extended absences, incapacitation or death, guardianship papers let a custodial parent choose an estate guardian to take custody of the child and provide appropriate care, manage their finances and inherited money or property.
3. Trusts
A trust can bypass the costly and time-consuming probate process and make your assets immediately accessible upon your death. A trust can also reduce estate taxes, protect your heirs from creditors, and ensure that assets designated for your dependents are distributed according to your wishes.
4. Power Of Attorney
A Power of Attorney lasts indefinitely. In most cases, a durable power of attorney (DPOA) is used to allow the designated person – such as a parent – to handle affairs in a specific area of a person’s life, such as in financial or health matters if you become incapacitated.
5. Health Care of Attorney
A medical power of attorney lets you designate someone to make health care decisions if they are unable to make and communicate decisions at a later date, including withholding or withdrawal of life-sustaining procedures. A Health Care POA also allows the agent to choose whether to donate organs and to make burial arrangements.
An experienced estate planning attorney can review your current estate plan and make suggestions to protect your loved ones, or help you begin the estate planning process.
If you want to protect your loved ones after you are gone, an experienced estate planning lawyer can advise you on the best options for your situation. To talk to a qualified attorney in Chicago or Lombard, contact the Estate & Probate Legal Group at 630-687-9100.
We serve Cook, Dupage, Kane, Lake, and Will counties.
