Basic Estate Planning Tips for Military Members

Estate planning is not just for the wealthy, but is instead something that everyone who owns property or has children needs to consider, especially those in the military.

Important Estate Planning Concerns for Military Members

Power of Attorney

If you or your spouse are in the military and have the potential to serve our country overseas, a power of attorney is a critical document to have. A power of attorney will allow a trusted individual to handle certain financial transactions on your behalf. The individual you appoint as your power of attorney will be able to buy real estate, trade investments, and even access your bank accounts. Therefore, it is very important you pick someone you trust, as that individual will be able to act in your place for select financial transactions.

Often the JAG Corps can help you draft a financial power of attorney prior to your deployment. Once you come home, you may want to see if they can help update it, or you may want to seek a civilian attorney to assist. In any event, you always want to have a valid power of attorney.

Last Will and Testament

Another important document for all adults with any type of property (including a checking or savings account!) and parents is a last will and testament.  A last will and testament is created to outline how you wish for your assets to pass upon your death.

Having a last will and testament will help your family and friends – they will not have to guess at what your wishes were, you will have already laid it out for them. A last will and testament also helps to ensure a third-party judge is not the one making the decisions as to who gets what – but that you have already indicated those distributions ahead of time.

Your last will and testament can not only direct how you want your assets to be distributed upon your death, but it can also make provisions for who you wish to care for your minor children.

Jacksonville Estate Planning Attorney

While estate plans for the military are not much different from civilian estate plans, you always want to be sure your documents are properly drafted and given proper consideration. If you are in Florida and are interested in discussing estate planning, contact us today. If you are ready to get started on your Florida estate plan, you can do so here.