It’s more than simply writing a will; estate planning is the preparation of documents to take care of yourself when you can no longer do so – it also allows you to decide who receives your assets after you are gone. And estate planning for military members has more steps to think about. There is peace of mind in knowing that you have taken these steps to care for your family after you’re gone.
A strong estate plan will address these 3 questions:
Whether you’re a current military member or a former service member, you need to have a will and other estate planning documents to protect your loved ones. Being a current service member on a military base, you may have access to an estate planning attorney. If you are not a current military member or do not have access to an estate planning attorney, these are some important documents to have to protect your loved ones:
These are only some documents that you may need. Working with an estate planning attorney is important to ensure you develop a plan that will help you and your loved ones. Having a strong estate plan brings together your investments, social security, life insurance, real estate, money accounts and all else you have to ensure they work together.
It may sound daunting to bring all your finances and assets together. But you can start with the basics and go from there. Here are 3 basic documents you need to start an estate plan:
Will or trust
Establish who you want to raise your children if you pass away and how to distribute your belongings after you’re gone.
This is a legal document that informs your family of how you want medical and end-of-life decisions handled.
Power of Attorney
If you are overseas and need someone to handle your legal and financial issues, you may want to give power of attorney to a trusted individual.
You’ll want to work with an attorney who understands the uniqueness of estate planning for military members. At Estate and Probate legal group, we can help you build a robust estate plan.
Do you have questions about building your estate plan for military members? Schedule a consultation with the experienced attorney at Estate and Probate Legal Group. Call us at 630-864-5835.
AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties