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Whether you’ve just joined the military or are a lifelong servicemember, it is important that you think about estate planning. However, it becomes even more essential that you consider your estate planning needs before an upcoming deployment. While you might have a lot to do before you deploy, this isn’t the kind of responsibility that should be put on the back burner.
In fact, estate planning before deployment can be an incredibly crucial step in ensuring your loved ones are protected while you are gone. But what exactly should you prioritize during this process? In this blog, we’ll explore the importance of estate planning before deployment and everything you need to cover during the planning process.
Why Estate Planning Before Deployment is Essential
If you’ve recently found out that you’re going to deploy, there are likely a lot of responsibilities on your plate. In some cases, you may receive only a 30-day notice before this happens, and you want to ensure you get as much done during this time as possible. But, why should estate planning before deployment make its way to the top of your priority list?
Although it may not seem all that important, especially if you’ve deployed before, this process is incredibly beneficial to your loved ones. Some of the most significant benefits of estate planning before deployment include:
- Protection for minor care dependents, including guardianship appointment.
- Proper asset distribution and the ability to avoid the probate process.
- Coordination of your military benefits with your existing will or trust.
- Preventing financial exploitation while you are focused on your duty.
- Establishing decision-makers, including trustees and power of attorney.
- Clarify your healthcare preferences in case you are incapacitated.
Key Legal Documents Every Hill AFB Service Member Needs
An essential part of estate planning before deployment is ensuring that you have the appropriate legal documents in place. When you work with an ill-equipped estate planning team, they may not know what is best for you and your loved ones. However, an experienced estate planning attorney may suggest the following legal documents:
- A Will & Trust
- General or Special Power of Attorney
- Advanced Healthcare Directives
- Guardianship Designations
Even if you have established an estate plan in the past, it is important that you update this plan before you leave. While it is best to update your estate plan every three to five years, it is always best to reach out to an estate planning attorney before your deployment. This update before you leave ensures all of your loved ones and assets are protected while you’re away.
How Deployment Can Impact Your Financial and Family Decisions
When you are deployed, your family may experience extreme changes in their finances and family dynamics. Your family often experiences increased income through the Family Separation Allowance and Hostile Fire Pay. Service members in combat zones often receive tax-free income, which can make this a great time to utilize savings programs.
However, there are also a few challenges that they may also face that should be considered before you leave. With only one parent in the home, your family often spends far more on childcare, home maintenance, and travel. This increased spending, coupled with a missing loved one in the home, can make it difficult to navigate your deployment.
That is why it is incredibly important to establish or update your Power of Attorney before you leave. This ensures your finances are looked after appropriately and according to your wishes. You may also want to consider reviewing or adjusting your life insurance policy before leaving for your deployment.
Common Estate Planning Mistakes to Avoid Before Leaving
There are a few common mistakes you may make when estate planning before deployment, especially if you’re trying to do this on your own. Some of the most common mistakes include:
- Neglecting to update beneficiary designations on life insurance and retirement accounts.
- Forgetting to include your digital assets in your estate plan.
- Failing to designate a Power of Attorney to make financial and healthcare decisions.
- Ignoring guardianship designations needs for minor-aged children and dependents.
- Having inconsistent documentation with contradictory information.
- Failing to communicate your estate plan to your loved ones before you leave.
- Forgetting to leave a letter of instruction, with a list of assets, passwords, and accounts.
If you want to avoid these mistakes when estate planning before deployment, it is best to work with a trained and experienced estate planning attorney. With their expertise, you can ensure your estate, family, and legacy are protected while you are away.
Resources and Support Available for Hill AFB Military Families
Preparing for an upcoming deployment isn’t just about ensuring you have a comprehensive estate plan in place. You also want to ensure your loved ones have access to much-needed resources and support services while you are away. If you are looking for support services for your family near Hill AFB, consider reaching out to the following services:
- Military & Family Readiness Center
- Spousal Support Programs
- Employment Resources
- Budget Planning & Financial Education Resources
- EFMP-Family Support
- Relocation Assistance Programs
While any deployment can be difficult to navigate, it becomes much easier on you and your loved ones when you know they have access to the appropriate support services. With their support and adequate estate planning before deployment, you can ensure they are well cared for while you are away from home.
Supporting Hill AFB Service Members and Families Before Deployment
Estate planning before deployment isn’t just something you should consider; it’s an essential part of preparing for this major life event. If you’re looking for an estate planning team who can support you before your deployment, turn to our team at Bishop Estate Law for expert advice. With our extensive experience helping servicemembers and their families from Hill AFB, we’re confident that we can do the same for you. Whether this is your first deployment or your final before retirement, we’re here to ease this transition and ensure your estate and loved ones are safe while you’re away.
If you would like to schedule estate planning before deployment, don’t hesitate to contact our team today.