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Estate planning for veterans involves special considerations

| Mar 26, 2021 | Estate Planning |

Creating an estate plan is an important step regardless of the size of your estate, but if you live in Tennessee and are also a current or former member of the U.S. Armed Forces, creating an estate plan may prove especially worthwhile. Estate planning gives you a chance to express your wishes with regard to what happens after your passing. It may also help ensure that your assets undergo distribution in the manner you desire.

Per Military OneSource, some of the estate-planning steps you might take as a veteran are no different than those taken by non-service members. However, there are other steps that are more specific to your position and chosen career. In addition to standard estate-planning steps, such as creating a will or drafting an advanced directive, you may also want to consider the following.

Life insurance policies

As a service member, you should already have life insurance through the Servicemember’s Group Life Insurance. However, you may not feel as if the policy provides enough for your family in the event of your passing. Under these circumstances, you may want to buy an additional life insurance policy for the benefit of your loved ones.

Survivor benefit designations

Depending on the details surrounding your death, your loved ones may become eligible for survivor benefits from the U.S. Department of Defense or the U.S. Department of Veteran Affairs. This may occur if you die as the result of an illness or injury you experienced while serving your country. Your loved ones may receive some such benefits automatically. However, others require you to apply for them.

Avoid rushing during the estate-planning process and be sure to give it the attention it deserves. Taking the time to create a plan now helps give you – and your loved ones – peace of mind.