How much have you thought about your estate recently? There can be many misconceptions about estate planning, but let’s look at the truth. Estate planning is…

  • For anyone with property or assets
  • Deciding who will have power over financial and health care decisions
  • Determining how family will be cared for

With that said, it’s important to look at the options available when it comes to estate planning.  Fortunately for those men and women who have chosen to serve our country in uniform, the military has plenty of resources for you and the family.

4 resources military families need to take advantage of to get ahead in estate planning are:

  1. Low-Cost Life Insurance: Whether life insurance or traumatic injury protection, SGLI (Servicemembers’ Group Life Insurance) offers low-cost coverage. Already discharged? Take a look at Veterans Group Life Insurance, a similar program for Veterans. Look at the VA Insurance Website for more on both programs.
  2. Free Legal Assistance: Many of the estate planning services can be handled by the on-base legal office. When it comes to deciding on Powers of Attorney for financial and health care decisions, drafting simple wills and trust, and more, a military attorney can help you prepare most the documents needed for estate planning.
  3. Funeral and Burial Benefits: To ensure the ability to have all final wishes met, the VA also offers burial benefits to help offset the cost of funerals. Check here to see the updated policies and benefits.
  4. Survivor Benefit Plan: When planned accordingly, a military retiree can ensure their spouse and children receive a monthly annuity. This can be formatted in a number of ways to ensure those who need to be cared for will be.

Even though there are many resources offered to you by the military, there are also limitations to what they can do. While military lawyers are great attorneys, they are often not trained to handle complex estate planning situations regarding specialized trusts, estate tax minimization, probate avoidance, and more.

When taking advantage of all the resources provided, if you still need further guidance on estate planning, come see Thornton Law Firm. Thornton Law Firm specializes in estate planning and will travel to meet you across the greater Raleigh and Triangle area. Give us a call at (919) 740-1264 to get started.