Most adults plan for the future by preparing certain types of legal and financial documents. By drafting a will or other types of estate planning documents, you can have a sense of control over certain matters that can include everything from what will happen to your assets after you pass to what types of medical care you might want in an emergency. This is important for everyone, regardless of age, income level and other factors.
Estate planning is beneficial for most New Jersey adults and provides protection for entire families as well. It is especially important for military families, but it can also be more complicated in these situations. Servicemembers face a higher level of personal risk than many people, which makes it especially important to have these types of plans in place.
Most important estate planning documents
Each estate plan is unique, but there are certain things that are important building blocks in most strategies. A will is often the place people start with their estate planning efforts, which is a document that outlines what will happen to personal property. It can also name a guardian for minor children, custody of pets and more. You likely need more than just a will to have the full amount of protection you need in case of your death or your incapacitation.
Military servicemembers will also want to include advance directives in their estate plans. These documents can ensure proper medical care, according to your wishes, in the event you are unable to speak for yourself. You can also appoint specific people to act on your behalf. A trust can also be useful to you as it will allow you to set aside and protect wealth for a specific purpose, such as the care of a minor or charitable giving. For servicemembers, a trust can be an extra measure of protection.
Look to the future with confidence
There is no single perfect way to approach estate planning. If you serve in the military, you will also need to consider factors such as your state of residence tax laws and more as you are creating your strategy. Due to the complexity and sensitive nature of these matters, you will find it beneficial to seek professional assistance as you create your estate plan. Life is unpredictable, so do not delay in establishing the plans you and your family need and deserve.