Probate matters are important for anyone. A person shouldn’t leave wills and estate planning until the last minute. Whether a military member is active duty or retired, they have access to legal help to create an estate plan.
Estate planning for military members
Active service members may have a higher level of risk in their everyday lives. Estate planning considerations for military members are important to do now rather than later. If a person dies before their estate is in order, their family will have to wait for a judge to decide what happens to the assets.
Wills for military members
A last will and testament is a legal document on how the estate handles assets after death. The will designates the executor and beneficiaries. If there are minor children, then the will designates a guardian as well. Other than dividing up assets, a will expresses funeral and burial arrangements.
Estate planning considerations for military members include designating the executor, beneficiaries, and a guardian who looks after children until they’re 18. An executor is a person in charge of carrying out the terms of the will. They need to file the appropriate paperwork with the probate court. The will divvies the assets of the estate between the beneficiaries, but a last will and testament doesn’t override current insurance policies or bank accounts.
Trusts for military members
A trust is a legal relationship between anyone managing property for someone else. A trust allows a person to hold assets outside of an estate. The grantor creates the trust and sets up the assets to distribute at another date. A trustee is a person the grantor entrusts to carry out their directions, and the beneficiaries receive assets as the trust directs.
A person should learn about all available estate planning considerations for military members. Preparing an estate plan ahead of time helps military members take care of their families.