Estate Planning for Military Families in North Carolina

Every family can benefit from estate planning but, for military families, estate planning is essential. Military families face unique challenges like frequent relocations, deployments, and military-specific benefit packages.

The challenges of military life are compounded by limited time and poor access to legal resources, especially when service members and their families are overseas. When one spouse is deployed, the other may need to manage legal and financial affairs on their own, often for months at a time. Estate planning for military families demands an estate planning attorney who understands the unique challenges of military life.

Building Blocks of Estate Planning for North Carolina Military Families

A comprehensive estate plan for military families provides peace of mind and safeguards your family’s financial future.

Last Will and Testament

Your Last Will and Testament, or “Will,” identifies the executor, who will be responsible for managing your estate, and outlines how your assets should be distributed after your death.

Guardianship

In your Will, you can name the individual(s) you wish to serve as a Guardian for your minor children if you pass away. Choosing a Guardian is especially important for single military parents and families in which both parents are in the military and might be deployed at the same time.

Power of Attorney

A Power of Attorney appoints another individual to make decisions on your behalf if you are unavailable, such as during deployment, and is essential for military families.

Healthcare Power of Attorney and Living Will

A Healthcare Power of Attorney designates another individual to make medical decisions for you if you are unable to make them yourself. A Living Will states your preferences regarding extraordinary life-saving measures. These documents ensure your wishes are known so your family is not left to make difficult decisions without guidance.

Trust

Military families may consider using a trust to avoid probate, allocate assets for specific purposes like education, healthcare, or other essential expenses, or to prevent a young person from accessing certain assets until they reach a specific age. A common option is the Revocable Living Trust.

Beneficiary Designations

Military benefits like SGLI, TSP, SBP, Death Gratuity, and Unpaid Pay Allowances include beneficiary designations. Keeping beneficiary designations up to date ensures benefits are distributed according to your wishes and avoids unintended consequences, like an ex-spouse receiving benefits years after a divorce.

Know When to Update Your Estate Plan

Creating your estate plan is an important first step. But relocations and deployments can make your estate plan outdated. Updating your estate plan ensures it is effective and accurately reflects your wishes and your family’s needs. You should review and update your estate plan after major life events like:

• Receipt of deployment orders
• Marriage or divorce
• The birth or adoption of a child
• A significant change in rank, pay, or benefits
• The death of a named Guardian, Power of Attorney, or beneficiary

The Importance of Working with an Experienced Estate Planning Attorney

Estate planning is a way to protect your family’s future when you are deployed and after you are gone. Military families face unique issues that make a generic estate plan insufficient. A knowledgeable estate planning attorney who understands the unique issues military families face can help you avoid costly mistakes.

Comprehensive Estate Planning for North Carolina Military Families

The estate planning attorney team at Carolina Tax, Trusts & Estates, a Department of Van Camp, Meacham & Newman, PLLC, helps North Carolina military families by creating customized estate plans that protect their family’s financial future and well-being. Contact us today to schedule a confidential consultation to discuss your situation and how we can assist you.