The Importance of Estate Planning in the Military
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 Documents for Military Estate Plans
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 stead for select financial transactions.
Last Will and Testament
An important document for all adults with any type of property (including a checking or savings account!) and parents, a last will and testament is a cornerstone document in a military estate plan.
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
In short, estate plans for the military are not terribly different from estate plans for civilians. There are just certain documents that we want to be sure are properly drafted and given great 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.