As a military member, you face unique responsibilities and challenges in your professional and personal lives. One of the most critical—though often overlooked—aspects of military life is creating and updating your estate plan as your life evolves.
The essence of an estate plan
While most people understand the importance of creating an estate plan, few know that an effective one is not a one-time task. It is a plan that requires regular revisions and updates.
Importance of updating your estate plan
Revising and updating your estate plan as a military member is critical because of the unique circumstances and frequency of changes in your life. For example:
- deployments
- relocations
- changes in marital status
- having children
- inheriting assets
- managing military benefits
Military benefits and entitlements should be reflected in your estate plan; whether that be survivor benefits, life insurance policies, retirement plans, and anything else you are entitled to or have rightfully earned.
A constantly evolving landscape
Estate planning constantly evolves, and laws and regulations change continually. These changes can have a direct impact on your estate plan.
Keeping your plan up-to-date ensures that these changes do not negatively affect you and that you have time to update your plan, which will provide you with protection and peace of mind.
In conclusion, military personnel must prioritize keeping their estate plans current. Many people find that having a regular biannual schedule helps them remember to contact their estate plan attorneys every other year to update their plans unless there are changes in between. In that case, contact your attorney as soon as you can.