Estate Planning Considerations for Military Families

 Posted on May 12, 2025 in Estate Planning

Estate planning can help grow your assets, but it is also a way to put in place a plan to protect you and your family against future unexpected events. It can help ensure that your wishes are honored in the event that the worst happens and you face incapacitation or death. Every family should draft an estate plan to protect themselves, but it is especially crucial for members of the military to do so, given the risks and sacrifices that come with military life. Additionally, there are special estate planning tools available to servicemembers and veterans that can help military families meet their goals. An experienced Flower Mound, TX estate planning attorney can work with members of the military to create a comprehensive estate plan that suits their needs. 

What Estate Planning Tools Should Military Families Use?

There are many ways to structure an estate plan, and they are best suited based on the specific needs of the individual. However, there are a few key estate planning tools that military families should consider, either alone or together: 

Wills

A will is an estate planning document that details how you want your assets to be distributed upon your death. You can also outline your wishes for the care of your minor children and other dependents in your will. Military families should include in their will provisions for the disposition of special benefits received by veterans, such as disability and survivor benefits, and ensure the will addresses the guardianship of minor children. 

Trusts

Trusts are versatile estate planning instruments that allow you to designate how you want your assets to be distributed and to whom. They have the additional benefit of avoiding probate, a process that can take time and be expensive. 

Durable Power of Attorney 

When you create a durable power of attorney, someone you choose can be granted the right to make financial, medical, or legal decisions on your behalf. This can come in handy during periods when you may be away during deployments, or should you become incapacitated. 

Survivor Benefit Plan (SBP) 

An SBP provides monthly income to survivors of servicemembers after their passing. Certain spouses and children of servicemembers are eligible for this long-term financial support. Families of servicemembers who have experienced a loss should ensure that they make signing up for the SBP part of their estate plan. 

Call a Flower Mound, TX Estate Planning Attorney

Whether you are just starting to create a family or have grown children, it is never too late to make an estate plan to protect your assets and loved ones. At Colbert Law Group PLLC, attorney Stephen Colbert advises clients on the best estate planning tools for their needs. If you need skilled representation, call the law firm at 972-724-3338 to speak to the experienced Denton County, TX estate planning attorney.