How To Create a Military Estate Plan in Nevada

Estate planning is something that most people avoid thinking about, even though it's critical to ensuring that your wishes are met and your loved ones are cared for in the event of your death.

And if you're in the military or are a veteran, there are certain benefits and programs specific to service members that you should include in your estate planning.

Personalize Your Plan

Every individual’s situation is different, so you need to consider your entire personal situation. For example, do you own real estate, and is it located across multiple states? Are you married with children who are still minors, and do they have any special needs? Do you have investments, for example, in a pension, a 401(k), trusts or shares?

As someone who has served in the military, you have likely relocated across different states and countries, so this also needs to be considered.

Once you've answered these questions, you will be a step closer to putting together your estate plan.

Military Family Benefits

Military veterans and their families are entitled to a range of benefits. These include:

VA Pension

You may know the VA pension under the broader term of Veteran Benefits. All service members are eligible for a VA Pension once their service ends, regardless of the amount of time served.

Veteran benefits also cover financial compensation for injuries incurred in service, as well as education, healthcare and financial aid to cover the cost of medical and personal care.

Survivors Pension

After your death, your spouse and any dependents are eligible for Survivors Pension, with a few exceptions. Your spouse must meet specific income requirements and have not remarried. In addition, should you die in the line of duty, your family may be eligible for Dependency and Indemnity Compensation (DIC).

A critical part of estate planning for those currently serving and military veterans involves talking to your family about these benefits to ensure that they know how to claim them if they need to.

Thrift Savings Plan

This is an alternative to a 401(k) that is only available to armed service members and other federal employees. As with other plans, you can name beneficiaries, which is something you should do as soon as feasible. This will enable your heirs to bypass the probate process, since the account goes directly to them as opposed to being administered in court.

Life Insurance

Make a Will

Making a will is a vital part of estate planning, but unfortunately, one that a lot of people put off. Military personnel especially are encouraged to make one as soon as possible. It can make things very difficult for your heirs if you pass without one.

Your will should name your executors (the person or persons who will administer your estate), a plan for distributing your estate, and, if applicable, name guardians for any dependents.

Consider a Trust

In order to reduce the need for probate, you can place your assets in a trust. A trust is a legal entity that you transfer all your assets and property into. You name a trustee to administer the trust on your behalf, according to the terms you set forth. Since the assets in the trust are no longer considered part of your estate, named beneficiaries will have immediate access to the assets after your death.

Create a Power of Attorney

Military members, especially those who are currently deployed, are advised to create a Power of Attorney to give a trusted person authority to make legal, healthcare and financial decisions on their behalf in case they can no longer do so.

Find out more about the benefits of a Power of Attorney here.

Reach out for Help

Estate planning can be a very complex process, and there are many legal issues that you might not even have considered. So if you're considering creating a military estate plan in the state of Nevada, Clear Estate can help you navigate this sensitive process. Get in touch for a free consultation today.