3 Strategies for Estate Planning for Military Families

Military life is about as non-traditional as it gets. It often comes with a unique set of challenges, routines, and opportunities. When military families begin the estate planning process, there are plenty of factors to consider – the frequent relocations, overseas deployments, and the need for financial security. Our estate planning lawyers in McAllen want to highlight key considerations and strategies for estate planning tailored to military families. 

Create a Lasting Power of Attorney

Power of attorney is a legal document that designates a trusted individual to make financial and legal decisions on your behalf. This is especially useful if you’re set to be deployed or unable to handle your affairs. You can use your power of attorney to address specific situations, including handling your finances and property.

Update Your Will 

Military life is full of changes. Whether you’re relocating or experiencing changes in your family unit, regularly updating your will can help reflect your current circumstances. By creating a will, you can review it annually and:

  • Denote how your assets will be distributed
  • Update your designated legal guardian for your children.
  • Revise life insurance policies and retirement accounts to ensure beneficiaries are as you wish them to be. 

Plan for Assignments

While deployment can be unpredictable, you can plan to keep your loved ones covered. Your estate plan can include managing your affairs while you’re gone. Remember that international assignments can affect your estate plan, especially if you own property or assets outside the US.

Estate Planning for Military Families

Life in the military can be hectic. If you don’t have the time to handle your estate planning process, or if you’re feeling overwhelmed by it in any way, our estate planning lawyers in McAllen can help. They are ready to listen to your story and provide support as you create the estate plan that best fits your family’s needs. Contact us today for more information about our services. 

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