Top Recommendations For Military Estate Plans

Military personnel face unique challenges as they put their lives on the line for the country. Servicemembers are often away from home for long periods of time. Some military families have to frequently relocate. Given the unpredictability and uncertainty of military life, having an estate plan in place is especially important for servicemembers. Military personnel and veterans can also take advantage of unique estate planning resources available only to members of the military. An experienced Fort Worth, TX attorney can advise military personnel on making their estate plan.

Have a Will In Place

A will is a legal document that lays out how you wish your assets to be distributed following your death. By having a valid legal will in place, you can ensure that your family is financially secure following your passing while helping it avoid the uncertainty and disputes that can arise when a person dies without a will. 

Set Up A Living Will

A living will provides instructions about your medical treatment preferences should you become incapacitated. By drawing up a living will, you can ensure that your wishes are honored in a medical context should the unthinkable happen. 

Set Up a Durable Power of Attorney

A durable power of attorney (POA) works alongside a living will. It gives authority to a friend or family member to make financial and legal decisions for you should you be unable to do so, either because you have been incapacitated or are simply away on a deployment. The person who holds the power of attorney can access bank accounts, pay bills, and take care of similar financial concerns when you are unable to do so. 

Sign Up for the Survivor Benefits Plan

A Survivor Benefit Plan (SBP) is a special program for military families that provides monthly income to a servicemember’s family after they pass. SBPs aim to compensate the family for lost retirement income. 

Look Into Special Pension Plans

The Department of Veterans Affairs offers pensions for qualifying spouses and children of veterans who have passed away. For example, the Dependency and Indemnity Compensation (DIC) is a tax-free monthly benefit to servicemembers’ families. A survivor pension is also an available benefit for low-income survivor family members. 

Contact a Fort Worth, TX Estate Planning Attorney

If you are a member of the military serving your country, a comprehensive estate plan can protect you. Joe Gonzalez helps families plan ahead in the event the unexpected happens. The experienced Fort Worth, TX estate planning attorney at Gonzalez Law, PLLC is here to guide you through the process of setting up your estate plan. Contact our offices at (817) 349-7330 for a free consultation today.