Military Estate Planning
Annapolis, Maryland Military Estate Planning Lawyer
Experienced Maryland Estate Planning Attorney for Military Service Members and Veterans
Planning for the future can be challenging, especially when balancing the demands of military service. As a service member or veteran in Maryland, you’re part of a community that serves at some of the nation’s most significant military installations, such as Fort George G. Meade, Fort Detrick, Joint Base Andrews, the United States Naval Academy, and the Coast Guard Yard.
At The Law Office of Raymond E. Brown, founding member Raymond Brown understands these challenges firsthand. Not only is he an experienced estate planning attorney, but he is also a military veteran who served as an enlisted member and later as a Cryptologic Officer with the United States Navy. With his unique background, Attorney Raymond E. Brown is well-equipped to help you create a comprehensive estate plan that secures your family’s future.
If you need legal assistance with your military estate plans, call (443) 554-9944 or reach out online to schedule a consultation with an experienced Maryland military estate planning attorney today.
The Importance of Estate Planning for Service Members
Estate planning is crucial for service members due to the unique challenges they face as active-duty military members. Frequent relocations can complicate the management and transfer of assets, making it essential to have a clear estate plan that addresses multiple state laws and potential changes in residence.
Deployment risks further highlight the need for an up-to-date estate plan to ensure the service member’s wishes are respected, even far from home. Specific military benefits and entitlements, such as the Servicemembers’ Group Life Insurance (SGLI) and Veterans’ Group Life Insurance (VGLI), can also be integrated into the estate plan to secure their family’s financial future.
By planning ahead, active-duty service members can protect their families from uncertainty and provide them with peace of mind, no matter where duty calls.
Key Military Estate Planning Documents
When it comes to estate planning for military families, having the right documents in place is essential for protecting your loved ones and ensuring your wishes are honored. Essential military estate planning documents provide a solid foundation for managing your assets, making important decisions during deployments, and safeguarding your family’s future in the event of an emergency.
Below are some of the most critical legal documents you should consider including in your estate plan. Each plays a vital role in creating a comprehensive estate plan that addresses the unique challenges service members and their families face.
Wills
A last will and testament is a fundamental estate planning document outlining how you want your assets distributed after your death. Having a last will in place is particularly important for military personnel due to the extreme risks associated with their military service, such as deployments and assignments in hazardous areas.
Additionally, military members may need to consider specific factors, such as designating legal guardians for minor children and accounting for military benefits, to ensure their family members are fully protected.
Trusts
Trusts are also incredibly valuable tools in estate planning, offering flexibility and control over managing and distributing assets. For military families, specific types of trusts, such as revocable living trusts and testamentary trusts, can be particularly beneficial.
A revocable living trust allows service members to manage their assets during their lifetime while ensuring a smooth transfer to beneficiaries without the need for probate court. Testamentary trusts, created through a will, can provide for minor children or dependents, offering a structured way to transfer assets. There are a number of other trusts that you may be able to benefit from, but the best way to find out what works best for you is to talk to a Maryland trust attorney who can walk you through the ins and outs of creating a trust.
Powers of Attorney
A power of attorney is a legal document that gives designated individuals the authority to make decisions on your behalf if you cannot handle your own affairs. There are a few different types of powers of attorney you may want to consider.
For example, a financial power of attorney allows a trusted person to manage your financial affairs, such as paying bills or handling investments and business interests. This is particularly important during deployments or when you are unavailable.
A healthcare power of attorney, on the other hand, grants your personal representative the authority to make medical decisions for you if you are incapacitated. These legal documents ensure that your affairs are managed according to your wishes, even when you cannot oversee them personally.
Advance Healthcare Directives
An advanced medical directive is yet another important element of estate planning, especially for military servicemembers who may encounter unexpected health issues. Advance directives clearly outline your preferences for medical treatments in situations where you cannot handle your own affairs or communicate your wishes, including decisions on life-sustaining measures.
Additionally, a health care proxy allows you to designate a trusted individual to make medical decisions on your behalf if you become incapacitated. Together, these documents ensure that your healthcare choices are honored and that someone you trust can advocate for your well-being if and when you are unable to do so.
Special Considerations for Military Families
When planning their estate, military families must account for unique challenges that can significantly impact their financial security. The Department of Veterans Affairs and the Defense Department provide a broad range of benefits and protections specifically designed to support those who have served, including funeral and burial benefits, survivor benefits, and other essential resources. These special considerations ensure that military families are fully protected and their specific needs are addressed in their estate plans.
Servicemembers’ Group Life Insurance (SGLI)
Servicemembers’ Group Life Insurance (SGLI) is a low-cost life insurance policy for military members. This coverage ensures that, in the event of a service member’s death, their loved ones receive a lump-sum payment to help cover expenses and secure their financial future. It’s essential to regularly update beneficiary designations in your Servicemembers’ Group Life Insurance policy, especially after significant life events like marriage, divorce, or the birth of a child, to ensure that the benefits are distributed according to your current wishes.
Survivor Benefit Plan (SBP)
The Survivor Benefit Plan (SBP), or death pension, is a tax-free benefit sponsored by the Defense Department that provides ongoing financial support to family members of deceased military members. It’s important to note that to be eligible for these survivor benefits, the service member must have died during active duty, died as a result of a service-related injury or illness, or was receiving VA compensation for a service-connected disability.
Thrift Savings Plan (TSP)
The Thrift Savings Plan (TSP) is a tax-advantaged retirement plan for federal employees and military members. When planning your estate, beneficiary designations for your TSP ensure your financial accounts are distributed as you wish. Integrating the TSP into your broader estate plan, alongside other retirement accounts and military benefits, can help secure your family’s financial future and address potential tax implications for your heirs.
Servicemembers Civil Relief Act (SCRA)
The Servicemembers Civil Relief Act (SCRA) provides crucial protections for active-duty military, including reduced interest rates on debts, eviction protection, and early lease termination options. These safeguards help ease financial and legal burdens, ensuring that estate planning decisions like property management and legal document execution remain secure while service members focus on their duties and families.
Military Pensions and Benefits
Military pensions provide retired service members with a steady income, offering long-term financial security. Understanding how these pensions work is important, especially when planning for survivor benefits, such as the Survivor Benefit Plan. These military benefits ensure that your surviving spouse or dependents will continue to receive financial support after your passing, making it a crucial element of comprehensive estate plans.
Preparing Your Estate Plan Before Deployment
Preparing your estate plan before deployment is crucial in protecting your family’s future and ensuring your wishes are honored while you’re away. Essential documents to have in place include a last will, a durable power of attorney, an advance health care directive, and a properly designated Servicemembers’ Group Life Insurance (SGLI) beneficiary.
Before deployment, military servicemembers should review and update these documents, ensure that their beneficiaries are current, and consider setting up a trust to manage their assets. It’s also vital to create a family care plan that outlines who will take care of their minor children, manage their household, and handle financial decisions in their absence.
JAG Estate Planning Resources vs. Hiring a Private Attorney
Service members have access to many valuable resources through the Judge Advocate General’s Corps (JAG) and military legal assistance offices. These resources offer essential legal services, including drafting wills, powers of attorney, and providing guidance on coordinating military funeral honors.
However, while JAG estate planning resources are a great starting point, there are significant advantages to consulting with a private estate planning attorney. For one, a private attorney will have the flexibility to dedicate more time to your case, ensuring that every detail is thoroughly addressed and that your estate plan is fully customized to meet your needs. Unlike JAG resources, which may be limited in scope and availability, a private attorney can also provide more specialized knowledge, particularly for complex estates or unique legal issues.
As a veteran himself, Raymond E. Brown’s military background gives him a unique understanding of the specific challenges and benefits that come with military service. This perspective allows him to provide personalized, comprehensive estate planning that addresses both civilian and military issues. His understanding of military life combined with his extensive legal knowledge ensures that your estate plan is tailored to protect your family’s future in a way that best resonates with your circumstances.
Call an Experienced Maryland Military Estate Planning Lawyer at The Law Office of Raymond E. Brown Today
Secure your family’s future and protect what matters most by calling an experienced Maryland military estate planning lawyer at The Law Office of Raymond E. Brown today. With firsthand military experience and a deep understanding of the unique challenges service members and veterans face, Raymond E. Brown and his legal team are ready to guide you through every step of the estate planning process.
To get in touch, give us a call at (443) 554-9944 or send us a message online today!
