It is wise for everyone to have some form of a Will in place regardless of the size of the estate. For military, this document is usually done prior to deployments. It is important to update all records every 2-3 years for active duty military just because a lot can happen and change within a short amount of time. For most, it is wise to do a review of your estate upon the death of a loved one such as a spouse or child, the new addition to the family (such as a baby or adopted child), or a significant increase in holdings in the estate (i.e., those who have won the lottery which is usually 1-2% of the entire population).
For those considering how to divide the estate, the best way is to EQUALLY divide the estate among your children. That way all children are recognized. Being equally divided sends an important message that the money/assets do not matter and that that child was fully recognized by their parent albeit past issues.
Of course, for your estate planning needs, it is wise to hire an attorney to draft this legal paperwork should there be any concerns. JAG can answer many of these questions for the military person. It is wise to consider the source of your information and do your due diligence. Relying on one person's advice for a major decision is a high risk proposition. That is why asking and seeking the information from several sources is wise to make sure that you are able to have your last wishes communicated well.
While no one wants to deal with end of life issues, it is wise to complete the paperwork. You will sleep better knowing that it is all done. Your heirs will also relax knowing that they are in good shape. It is money well spent especially when all can get a good night's rest.
Financial perspective on modern life in America from a military spouse's perspective Disclaimer: This web site page is the opinion of the person writing it, and any financial decisions made as a result does not make the writer liable for any action taken. Please consult your personal financial advisor for more information.
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Monday, September 26, 2011
WILLs and survivors
Labels:
Children,
Marriage and Money,
Military Money,
Retirement
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