Estate Planning for Veterans
Estate planning is especially important for veterans and their families, during and after active duty. Spouses and children receive some military and veteran benefits. However, there are additional steps needed to protect yourself and your family.
Last Will and Testament for Military Families
A last will accomplishes several tasks in addition to property distribution. If there are minor children in the family, the last will is used to nominate a guardian and a successor guardian who will raise any minor children if both parents die. A letter of instruction with information about your children’s likes, dislikes, etc., will be helpful for anyone taking over their care, unless the guardians know your children very well.
The last will also includes the name of an executor of your choosing, who will carry out directions in the last will. Include a successor executor in case the first executor is unable to serve or declines to serve.
Military Power of Attorney and Health Care Power of Attorney
Estate planning includes planning for incapacity. If you were injured while serving your country or experience an illness or injury after service, you’ll need someone to manage your financial life. A Power of Attorney is used to appoint a person to take charge of your financial affairs. However, during active duty you’ll likely want a Military Power of Attorney (MPOA) to give a family member the ability to do tasks, like filing tax returns, buying or selling a home and obtaining military ID cards. After service is completed or retirement, a POA will serve the same purpose.
The Health Care Power of Attorney gives a person of your choosing the ability to be involved in your medical care, if you are unable to communicate your wishes. Parents or spouses don’t always have this right automatically, and some health care providers are more flexible than others when it comes to discussing medical care with your next of kin. If you have sustained any injuries or developed conditions as a result of your service, this document is especially important, as your ability to communicate may be at greater risk.
A Letter of Instruction on VA Benefits
Veterans know the military is famous for bureaucracy, regulations, and red tape, so you or anyone helping you (e.g., spouse, family member or friend) should be prepared to be tenacious and diligent in advocating for you, especially when trying to obtain VA benefits for you.
Your estate planning documents should include a letter of instructions regarding your military service and discharge papers, either Discharge Papers DD Form 214 (Certificate of Release or Discharge from Active Duty) or, if the discharge form was corrected, a DD Form 215.
Protecting Your Estate Planning Records
To ensure your important documents can be accessed when they are needed, make sure they are located in a waterproof, fire-safe container in your home. Your family members may not be able to get them, if they are placed in a bank safe deposit box. Tell a trusted family member or friend where they are stored, in case of an emergency.
Make Prior Planning a Priority
Many Americans put off having their wills and estate plan created. This is a mistake, causing additional stress and expense to the family during an already difficult time. Think of your estate plan as a gift to your family, preparing for the worst and hoping for the best.
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