If you are a veteran who has served their country, you may be wondering how your country will serve you when you are unable to take care of yourself or when you pass away. Veterans are entitled to certain benefits that can cover the cost of certain aspects of their healthcare or even their funeral arrangements.
If you want to make sure you and your family are able to use these benefits when you need them, it’s a good idea to work with an experienced estate planning attorney to get your financial and medical affairs in order and create a plan that will be followed when you can no longer make decisions for yourself.
If you are curious about veterans’ benefits or are ready to start estate planning today, be sure to keep these things in mind.
Why Is Estate Planning Important For Veterans?
Veterans are often eligible to receive certain benefits for their service. If you do not have a will, trust, or estate plan in place, you might not be able to ensure that your family gets those benefits or that they are able to be used to pay for your funeral. Veterans who want to ensure that they receive these benefits and that their families get to take full advantage of them should work with an estate planning attorney to ensure that everything is in order when they pass.
Veterans who have been injured in war or have medical complications caused by time spent in the service may be worried that their health will fail them. Many people create a living will before they sign up to serve their country, but many veterans choose to keep that living will as a way to deal with their illnesses and own death. You can work with an attorney to create a living will that will help you have peace of mind knowing that your plan will be followed and that you get the care you want and deserve.
Military Powers Of Attorney
You can work with an estate planning attorney to not only set up your plans for your death and funeral, but to also plan the type of care you want to receive if you become ill. Many people choose to create a power of attorney before they enlist in the military so they have someone who can make decisions on their behalf if they become incapacitated while in the service. The power of attorney can stay in effect even after you have retired from service, but still want to have someone who can make important decisions for you in the event that you can’t make them for yourself.
When it comes to planning your funeral, there may be certain things you want your family to handle and others you want to work out yourself. You can work with an estate planning attorney to decide which aspects of your funeral you want to plan yourself and which ones you want to leave up to your family. You can decide if you want a military funeral or would prefer something more traditional. You can also choose which family member or members are allowed to make decisions about your funeral. Your attorney will make sure your plans and wishes are followed at the time of your death.
Revocable Living Trusts
Revocable living trusts are not necessary for all veterans, but if you own property in different states and want to help your family avoid going to different probate courts or avoid probate at all. If you are a veteran and want to make sure your affairs are in order so you family can spend less time in probate court and more time comforting and supporting each other at the time of your death, you will want to talk to an Orange County estate planning attorney about creating a living trust and adding it to your estate plan.
If you are in the military, you may be eligible to receive a military pension. These pensions can also be passed on to your family members. If you want to make sure your family receives your pension after your death, you may need to work with an estate planning attorney to get everything in order.
An attorney can tell you if you are eligible to receive your pension and how it can be passed on to your family members when you pass away. This type of pension may have special eligibility requirements. Working with an Orange County estate planning lawyer to have all these things ready for your family before you pass away will ensure that they do not have to worry about eligibility and paperwork that will tell them if they can receive these benefits or not.
Survivor benefits are the benefits your family can receive from the government due to your service in the military. The type of benefits your family can receive depends on many factors, including if you are retired or on active duty at the time of your death. An estate planning attorney can help your family determine if any of these benefits are available to them. Some common types of survivor benefits include:
- Death gratuity
- Survivor benefit plan
- Dependency and indemnity compensation
- Burial benefits
If you are a veteran and are ready to make your final plans to ensure your estate and affairs are in order at the time of your death, you will need to find an experienced and trustworthy attorney to help with your plans. You can contact Wealth Advisors MF for help with all your military and veteran estate planning needs.
We can help you determine which benefits you can receive and ensure that your family members receive them if they are eligible. We can also help with other aspects of your estate plan as well. If you are ready to give yourself and your loved ones the peace of mind of knowing that your estate is an order, give us a call today.