While serving in the military, you may base your estate plans on your expected military pension and other benefits for your family. However, if you’re making the transition out of this career path in Texas, it will probably be best to reevaluate what your estate planning goals should be. Assessing elements such as income, asset protection, and survivor benefits are essential when you’re in this position.
Do you currently have enough money saved in retirement accounts to help care for your family’s income needs if you pass away? If you die unexpectedly, the income you receive will stop, which would be highly detrimental if your family uses it to survive. Reassessing your estate planning needs after leaving the military may include obtaining a life insurance policy. Doing so can help ensure that your family is protected from loss of income if you pass away.
Designating what happens with your assets when you die is also an essential estate planning task that you need to complete after transitioning out of the military. Creating a will sets up what happens with your assets. It’s important to understand the difference between probate and non-probate assets to help ensure that your loved ones receive the money they need to have a comfortable lifestyle. Ensuring that the maximum amount of your net worth passes to the outside of probate is usually best.
Knowing who will be the guardian of any children you might have or who will care for your aging parents if you are currently involved in that role are other critical estate planning elements you need to consider. In addition, you should have a plan of action in place if you don’t die but become incapacitated.
Communicating your estate planning needs with your family is a good idea to make sure everyone is on the same page and understands your wishes. Following these steps should make it more efficient to ensure that your estate planning goals are met.