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Service members should have an estate plan in place

People who are serving this country in the military can face some dangerous situations. Considering only the nature of the job, you can certainly understand that there is a chance that the person might eventually die in the line of duty. It is imperative that anyone who is serving has an estate plan in place so they know things are taken care if something happens to them. This is especially important if they have children.

Military members need to have the same basic estate planning document as other adults. This includes a will and trusts, as well as having a living will and powers of attorney designations. Adults with children who don't have a non-military spouse also need to have a family care plan in place.

The will and trusts serve to distribute assets when you pass away. If you have children, you can use these to help care for them when they are in the care of their guardian. In your estate plan, you also need to name that guardian for your children. You will also name two caregivers in the family care plan. One of these is a short-term caregiver who lives nearby and can step in at a moment's notice. The other is a long-term caregiver who doesn't have to live close.

You also need to set the beneficiaries of your Servicemembers' Group Life insurance. Additionally, let your loved ones know about any survivor benefits they might be entitled to if you pass away. You could even include this information in a letter of instruction, which can be created with the estate plan but should be kept somewhere that is easy to locate.

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Law Offices of Nancy M. Rice
Representing clients in Ocean City and communities throughout New Jersey.


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