Estate planning allows you to prepare for the future by taking control of what happens to your assets when you pass on. If you’re in the military, there are unique aspects to consider as you prepare this paperwork. Find out what you should discuss with your estate lawyer below.

3 Factors to Consider as a Military Member When Estate Planning

1. Address Your Military Pension

If you qualify for a military pension, you can designate a beneficiary who will continue to receive your retirement pay when you pass on. Usually, you'll pay 6.5% of the monthly pension payout the beneficiary should receive. This is deducted before taxes from your retirement pay. Military retirement pay also increases with the cost of living.

2 Take Advantage of Service Members' Group Life Insurance

SGLI is a special low-cost life insurance for active-duty military members. In 2019, the rate was decreased from 7 cents to just 6 cents per month of $1,000 coverage. You can also get coverage for a spouse. Sign up to ensure that if something happens to you, your family has finances to fall back on.

3. Plan Other Survivor Benefits

Look into survivor benefits and incorporate them into your estate planning. If you are married, for example, your surviving spouse can roll over a military death gratuity into a retirement fund. The same can be done with SGLI death benefits.

The beneficiary must take advantage of this offer within one year, so include specific instructions in your estate planning documentation to ensure they don't miss this deadline.

For assistance with estate planning in the Aiea, HI, area, put your trust in the Law Office of George N. Nam. This attorney has over 28 years of experience in estate planning and probate matters, which he uses to help clients settle their affairs efficiently and effectively. Find out more about his services online. To set up a meeting with the lawyer, call (808) 487-9455.