Military Services and Estate Planning: How Service Members Can Prepare for the Future
As a service member, protecting your family’s future goes beyond serving your country—it also involves making sure your estate is properly planned. In San Antonio and across the U.S, military families and service members often deal with the added complications of frequent relocations, combat deployments, and the potential for injuries or disabilities.
A skilled military services attorney at the Jacobson Law Firm, P.C. can help you understand the specific legal needs of service members. From wills and powers of attorney to life insurance and retirement plans, there are a number of essential steps to take in preparing for the future.
The Importance of Estate Planning for Service Members
Estate planning is a crucial step for service members to protect their families, assets, and legacy. While many people may assume that a will is only necessary for the elderly or those with significant assets, military families face unique challenges that make planning even more critical.
Military service often involves significant risks, such as the possibility of injury, incapacity, or death, which service members must confront. A well-thought-out estate plan makes sure that your loved ones are cared for and your wishes are respected, no matter what happens. In addition, service members frequently relocate to different states or even countries.
Each move can introduce new legal considerations, and having an estate plan makes sure that your will and other documents remain legally valid, regardless of where you’re stationed. The unpredictability of military life also adds an element of urgency to planning.
Whether it's deploying to a combat zone or recovering from an injury, having an estate plan in place provides peace of mind and clarity during uncertain times, allowing service members to focus on their duties without worrying about the future.
Key Elements of an Estate Plan for Military Service Members
When putting together an estate plan, military service members need to think about several key components that protect both their families and their assets. Here are some of the most essential elements to consider:
Wills and trusts: A will is a basic, but vital, part of any estate plan. It specifies how your assets will be distributed after your death and can include guardianship provisions for minor children. Trusts, on the other hand, can help avoid probate and offer additional benefits, such as asset protection.
Powers of attorney: In the military, a power of attorney can be a particularly useful document. It allows you to designate someone to make decisions on your behalf if you become incapacitated. This can be essential if you're deployed or unable to make decisions yourself for any reason. Both a durable power of attorney and a medical power of attorney are important in case you need someone to make financial or healthcare decisions.
Life insurance: Life insurance is a cornerstone of estate planning. For service members, the Department of Veterans Affairs (VA) offers options like Servicemembers' Group Life Insurance (SGLI). This affordable coverage provides a significant benefit to service members' families in the event of death. Additionally, some service members may opt for additional life insurance policies to further protect their families.
Retirement and benefits planning: Military members often have unique retirement plans and benefits. From the Blended Retirement System (BRS) to VA benefits, it’s essential to know how these benefits will affect your estate and who will receive them after you’re gone. A military services attorney can help you plan how to allocate these benefits and protect your family's financial future.
Healthcare directives: In the event that you become incapacitated, a healthcare directive can specify what kind of medical care you want to receive. This can help make sure your wishes are followed when you're unable to communicate. Service members, particularly those in combat, should make sure they have a durable healthcare directive in place.
An experienced military services attorney can guide you through the process and help you better understand these key elements. Most military installations have a Staff Judge Advocate office where military members, their dependents and retirees can have estate planning documents prepared. As a retired Air Force judge advocate Colonel, Dana Jacobson has great respect for military legal services and those who provide them; however, the reality is that these offices are extremely busy and may have long waits for legal assistance appointments. Further, higher level estate planning is often beyond the scope of what a base legal office can offer.
Special Considerations for Estate Planning in the Military
There are several special factors that military service members need to keep in mind when creating their estate plan. These considerations go beyond traditional estate planning and are tailored to the unique aspects of military life:
Deployment and relocation: One of the most significant challenges that military service members face is frequent relocations. Each time a service member is transferred to a new location, it’s essential to make sure that all legal documents, such as wills and powers of attorney, are updated and valid in the new state. Some states may have different laws regarding estate planning, so it’s important to consult a military services attorney to make sure your documents stay legally sound.
Beneficiary designations: Many service members receive military benefits that require specific beneficiary designations, such as life insurance policies, retirement plans, and death gratuity benefits. These designations take precedence over wills and other estate planning documents, so it’s essential to keep them up to date, especially after life events like marriage, divorce, or the birth of children.
Veterans' benefits: Veterans may be eligible for a variety of benefits, such as disability compensation, health benefits, and education assistance. These benefits should be factored into estate planning to make sure that your loved ones are able to access these resources. A military services attorney with experience in VA law can help guide you through this process.
Guardianship of minor children: Military service members, especially those with children, should consider who will care for their children in case something happens. When drafting a will, a service member should designate a guardian for his or her children. It’s crucial to choose someone who is willing and able to take on this responsibility, especially since military service can sometimes involve being stationed in places far from family.
An experienced attorney at the Jacobson Law Firm, P.C. can help you with these special considerations.
Military Services Attorney and Estate Planning
Estate planning can be a complicated process, particularly for military families who deal with unique challenges. Having a military services attorney can simplify the process, making sure that all aspects of your estate are properly addressed. A military services attorney has the knowledge to guide you through the nuances of military-specific benefits.
Working with a military services attorney allows you to take a personalized approach to your estate plan, with a focus on protecting your family and your assets. Whether you’re looking to update your will, establish a trust, or secure the future of your children, a military services attorney can help you put the right legal protections in place.
The Benefits of Planning Ahead
While military service members may not always be able to predict what the future holds, the one thing they can control is the legacy they leave behind. Estate planning is about more than just protecting your assets—it’s about making sure your family is cared for no matter what happens.
With the right estate plan, military service members can have peace of mind, knowing that their loved ones are protected and their wishes will be honored. Planning ahead can also make it easier for families to handle any legal or financial matters during an emotionally challenging time. The sooner you start, the better prepared you’ll be for the future.
The Jacobson Law Firm, P.C.
Service members face unique estate planning needs that differ from the general population. With frequent moves, deployments, and military-specific benefits to consider, it’s essential to work with a military services attorney who understands the complications of military life. The Jacobson Law Firm, P.C. serves clients throughout San Antonio, Central Texas, and South Texas, including Bexar County.
