Every day, we honor the brave individuals who have served our nation with dedication and resilience. Your service was a testament to your commitment to a better, safer future – and now it's time to extend that commitment to securing a stable future for your loved ones. Through a personalized estate planning process I call Life & Legacy Planning, you can ensure that your family is well-cared for and your legacy is preserved. Just as you approached each mission with precision and care, this planning requires the same detail and intentionality to safeguard your family's future.
In this article, I will help you understand the unique estate planning opportunities available to veterans and the steps you can take to secure your family's tomorrow.
Understanding Your Veterans Benefits
Your military service has earned you and your family special benefits that extend beyond your lifetime. The Department of Veterans Affairs (VA) offers several programs to provide for your loved ones after you're gone. It's crucial to understand these benefits and take steps to ensure your family can access them. This includes keeping your discharge papers (DD Form 214) with your estate planning documents and informing your executor of their location.
You should also maintain a current list of all VA benefits you receive, as this information will be crucial for your family to continue receiving eligible benefits. When you work with me to create your Life & Legacy Plan, I will help you organize the information your family will need so they know they’ll receive all the benefits they are entitled to. There will be no guessing, extra work, or lost benefits simply because they didn’t know what was available to them.
Creating Your Estate Planning Strategy
Life & Legacy Planning for veterans requires careful consideration of both military and civilian assets. I recommend you create a comprehensive list of your assets, including:
- Military pension and retirement accounts
- Life insurance policies (both military and private)
- Property and real estate
- Investment accounts
- Personal possessions with monetary or sentimental value
- With an inventory, your family will know how to find your assets so assets you care about aren’t lost or difficult to find.
Note that service members can create basic estate planning documents through the military legal assistance office at no cost. Depending on your needs, this may or may not be an adequate option. For example, if you have minor children, you need a comprehensive plan that will keep your children from being taken into the care of strangers or raised by people you’d never want to raise them if something happens to you. Or, if you have a blended family, no children, a business, a child with special needs, or significant assets, you need a comprehensive plan that will keep your family out of court and conflict, which a free, documents-only plan will not do. Finally, for your plan to work when you need it to, your plan needs regular reviews and updates as your life changes, your family dynamics change, and your assets change.
A free, documents-only plan is just that - documents. You won’t have a trusted advisor who has your back and will ensure your plan stays updated over time. But you get all these benefits (regular reviews, a comprehensive plan that keeps your family out of court and conflict, etc.) when you work with me and create a Life & Legacy Plan. So, I encourage you to educate yourself before making a plan based only on documents. I have many free resources to help, or you can book a complimentary consult call with me using the booking link below.
Working with a Trusted Advisor
While the military legal assistance office provides valuable services, you may benefit from working with an attorney who understands both veterans' benefits and estate planning, especially if you have a potentially complex situation, like a blended family, a family member with special needs, a debilitating illness, no children (yes, this is often a complex matter, not a simple one!), or many varied assets. A competent attorney can help you:
- Structure your estate to maximize benefits for your survivors
- Create trusts to protect assets if you need long-term care
- Navigate complex VA regulations
- Ensure your estate plan complies with state and federal laws
- Update your plan as laws and regulations change
Please book a complimentary call with us below for more information and guidance about what is best for you and your loved ones.
How We Help You Honor and Protect Your Legacy
Your service to our nation demonstrates your commitment to protecting what matters most. It's time to protect your legacy through careful estate planning. By taking these steps, you're continuing your tradition of service by ensuring your family's security and well-being. Remember that Life & Legacy Planning isn't a one-time task. Regular reviews, especially after significant changes like marriage, divorce, birth, or significant changes in your financial situation, are imperative to ensure your plan works when you and your loved ones need it. When you work with me, we include these regular reviews to give you peace of mind that your plan is always up-to-date and ready to serve your family.
Veterans have already given so much in service to our country – you shouldn't have to worry about your family facing legal challenges or missing out on earned benefits. We help you create a Life & Legacy Plan that honors your military service by ensuring your loved ones stay out of court and conflict while maximizing the benefits you've earned through your service. Once you've created your plan, you can rest easy knowing your wishes will be honored and your family will be protected with the same dedication you showed to safeguard our nation.
Schedule a complimentary 15-minute consultation to learn how we can help secure your military legacy. Contact us today to get started.
This article is a service of Ralston Law, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.