Five Estate Planning Changes to Make When Transitioning from the Military

When you were active duty in the military, you may or may not have had your estate plan in place. Now that you are transitioning from the military to civilian life, you are likely facing many changes. One of those changes should be a review of your estate plan, to make sure it still matches up with your goals.

Last Will and Testament

When you entered the military, you may have entered as a single individual with no children. Now, you may be exiting as a married man or woman with one (or more!) kids in tow. This makes the need for a last will and testament significant. When you have assets or children, a last will and testament is one of the critical components of your estate plan.

Your last will and testament will serve as a roadmap to your family and friends upon your death. It will tell them to whom you wish to leave certain assets, and if both parents of minor children are deceased or otherwise unable to care for the children, it will also show the court who you wish to care for your children.

Power of Attorney

If you served overseas or in an area away from your family, you may already have a power of attorney. However, departure from the military is a good time to review it to confirm it still reflects your wishes. In Florida, the agents you choose to serve as your power of attorney have the ability to exert significant control over your financial life – you want to make sure you have selected trusted individuals and that your documents properly gives them only the powers you want them to have.

Health Care Surrogate

In Florida, you also want to select a health care surrogate to speak on your behalf in health care situations if you are unable to communicate. You will want to be sure this individual is again a trusted individual (can be the same person as your power of attorney or someone else) and that you have spoken with this person so that they know your wishes. You will also want to have a candid conversation with them to see if this is a role they are willing to accept – it can be an emotionally taxing role and not everyone may want to take it on.

Life Insurance

Departing the military is also a good time to review your life insurance policies. You may want to consult with a financial advisor regarding the exact amount you should have in place, but a good rule of thumb is usually 10 – 12 times your annual income. This will help your family continue to run financially after your passing without significant financial stress.

Trust

Finally, if you have amassed certain assets or if you want to protect them for some of your intended beneficiaries (like minor children), a trust may be necessary. While not everyone needs a trust, there are certain situations where it is warranted. You should talk with a local attorney to see if a trust would be beneficial in your situation.

Jacksonville Estate Planning Attorney

Above are five estate planning documents that we want to be sure are properly drafted and given great consideration, especially if you have recently departed from the military. 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.