As we approach Veterans Day, we take a moment to honor the brave men and women who’ve served our nation with unwavering dedication. Your military service demonstrated a profound commitment to securing America’s future – and now it’s time to ensure your family’s future is equally protected. This is where Life & Legacy Planning comes in.
Just as you approached your military missions with precision and care, it’s important to approach your estate planning with the same level of thoughtfulness. By doing so, you can make sure your loved ones are taken care of, and that your legacy is preserved for generations to come.
In this blog, I’ll walk you through the unique estate planning opportunities available to veterans and share how you can take steps today to protect your family’s tomorrow. Let’s start with the benefits that are available to you.
Understanding Your Veterans Benefits
Your service to our country has earned you and your family some important benefits that can extend beyond your lifetime. The Department of Veterans Affairs (VA) provides several programs designed to support your loved ones after you’re gone.
For instance, if you pass away due to a service-connected condition, your spouse may be eligible for Dependency and Indemnity Compensation (DIC). Your family may also qualify for burial benefits, including a free burial plot in a national cemetery, a headstone or marker, and a burial flag.
To make sure your family can access these benefits without delay, it’s crucial to keep your discharge papers (DD Form 214) with your estate planning documents, and to inform your executor of their location. You should also maintain an up-to-date list of all the VA benefits you’re receiving so your family can continue to access them after your passing.
When you work with me to create your Life & Legacy Plan, I’ll help you organize this information so your family will know exactly what benefits they are entitled to, without confusion or unnecessary work. That way, there’s no guesswork involved, and they won’t miss out on any important benefits.
Creating Your Estate Planning Strategy
Life & Legacy Planning for veterans requires careful attention to both your military and civilian assets. I recommend you start by making a comprehensive list of your assets, which could include:
- Military pension and retirement accounts
- Life insurance policies (both military and private)
- Real estate and property
- Investment accounts
- Personal possessions with monetary or sentimental value
When you schedule a Life & Legacy Planning Session with me, I’ll work with you to build this inventory, because it’s absolutely crucial. Without it, your loved ones may not know how to find your assets. Some of the things you care about could easily get lost, or be difficult to access.
Once you’ve created your asset inventory, we’ll meet for up to two hours to review your assets, your benefits, and your family dynamics. We’ll talk about your wishes for your legacy – whether you want to ensure certain assets go to specific loved ones or make arrangements for minor children. I’ll walk you through what will happen to everything you own and everyone you love, in the event of your incapacity or death.
During this session, we’ll also explore how to align your estate plan with your values and budget. Service members often have access to free basic estate planning documents through the military legal assistance office. However, depending on your situation, this might not provide all the protections you need. For example, if you have minor children, a blended family, or a family member with special needs, you need more than just basic documents. You need a comprehensive plan that ensures your family stays out of court and avoids unnecessary conflict.
The free, documents-only plans don’t provide ongoing support or regular updates. But when you work with me, we ensure your plan remains up-to-date as your life, assets, and family dynamics evolve.
Working with a Trusted Advisor
While the military legal assistance office provides helpful services, you might benefit from working with an attorney who specializes in both veterans’ benefits and estate planning – especially if your situation is more complex. A trusted advisor can help you:
- Structure your estate to maximize benefits for your survivors
- Create trusts to protect assets if you need long-term care
- Navigate complex VA regulations
- Ensure your estate plan complies with state and federal laws
- Update your plan as laws and regulations change
I encourage you to book a complimentary consultation with me to learn more about what’s best for you and your family.
Keep Your Plan Updated: It’s Not a One-Time Task
Your service to our nation was about protecting what matters most, and now, it’s time to continue that tradition by protecting your legacy. Estate planning isn’t something you do just once; it’s something that requires regular reviews, especially after major life changes such as marriage, divorce, the birth of a child, or a significant change in your financial situation.
When you work with me, we include regular reviews to ensure your plan remains aligned with your wishes and continues to protect your loved ones.
How We Help You Honor and Protect Your Legacy
We understand the unique needs of veterans and the challenges that come with ensuring your loved ones are properly cared for. We’re here to help you create a Life & Legacy Plan that not only honors your military service, but also ensures your family stays out of court and conflict, while maximizing the benefits you’ve earned.
Once your plan is in place, you can rest easy knowing that your wishes will be honored, and your family will be protected – just as you worked to protect our nation.
Veterans like you have already given so much. Now, let us help you give the ultimate gift to your loved ones – a well-thought-out, comprehensive Life & Legacy Plan.
At Cheever Law, APC, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.
To learn more about our one-of-a-kind systems and services, contact us or schedule a no-obligation 15-minute introductory phone call today.