Three Estate Planning Tips You Should Know When Enlisting In The Military

Initially enlisting into the military is exciting and overwhelming. As a whirlwind of activities sweep you up and start your journey into the unknown, you shouldn’t neglect the home front. Take care of your estate planning. You might be young, unmarried and without kids or a few stages beyond, but the military life will offer you benefits and dangers that others don’t have. Make sure you take full advantage of them. 

Here are three tips to consider:

Tip #1 - Make sure that your beneficiary designations on life insurance and retirement accounts are properly filled out and keep them updated as your circumstances change. 

Tip #2 - You likely will move a lot. This makes it even more important for you to have a proper power of attorney for someone you trust to take care of your affairs when you aren’t able. 

Tip #3 - A will, living will and maybe even a trust will also be necessary. Often the military will offer these to you. Simple documents can be produced using a form and a few questions.  While this option can be adequate for some, others may need more in-depth, specialized documents to meet their individual needs. This is when it would benefit you to contact an estate planning attorney familiar with the planning needs of military members. 

If you are in doubt, give us a shout - we want to help and make sure you AND your loved ones are protected as you work to protect all of us!