As a member of the armed services, you have a strong devotion both to your country and your family. After all, unlike many Americans, you agree to put your life on the line to protect everything that makes our country great. As such, even though you are young, you may have an increased risk of dying.
If you have not thought about what happens to your possessions and your children after your death, you may be missing the mark. With a comprehensive estate plan, you do not have to wonder. On the contrary, you formalize your wishes in a legally binding way. Here are four things you may want to add to your estate plan.
1. A will
Perhaps the most important part of any estate plan is a last will and testament. This document details what should happen to your belongings after you die. It also identifies the person you want to care for your children. If you fail to properly draft a will before your death, Florida’s intestacy rules take over.
2. A living will
You probably work hard to stay healthy. Nonetheless, an accident or illness could make it impossible for you to make healthcare decisions. With a living will, you designate someone who can make medical decisions on your behalf.
3. A power of attorney
If you deploy to a war zone, you may not be able to make legal or financial decisions. A power of attorney allows someone to step into your shoes and make vital choices for you.
4. End-of-life directives
While you may not think much about death, you probably have some ideas of how you want your funeral to unfold. When you record your funeral wishes in your estate plan, you increase the chances of having your loved ones respect them.
Every estate plan is different. While you may want to add other items to your plan, addressing these four issues likely makes good sense. Remember, while you probably cannot control when your life ends, with a bit of planning, you can make your passing easier for your loved ones.