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Military Service and Estate Planning: What You Need to Know

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military service and estate planningServing in the military often means living with uncertainty. Whether you are deployed overseas, stationed at a base far from home, or preparing to transition into civilian life, your family’s security is always on your mind.

Estate planning allows you to take control of important decisions and protect your loved ones in the event of incapacity or death. For servicemembers in Staten Island and across the country, there are specific steps worth taking.

Understand the Role of Military Life Insurance

Servicemembers have access to Servicemembers’ Group Life Insurance, known as SGLI. This program offers significant coverage at affordable rates, which makes it one of the most valuable benefits of military service.

However, the coverage only serves its purpose if you keep your beneficiary designations up to date.

Life changes quickly. Marriage, divorce, or the arrival of children may require changes to your paperwork. Because SGLI proceeds go directly to the beneficiaries you name, they are not governed by your will.

Failing to update your designations can create unintended consequences, which makes regular reviews a necessary part of your estate planning.

Put a Power of Attorney in Place Before Leaving

Deployments or extended assignments can leave you unable to handle day-to-day financial or legal matters. A power of attorney allows you to authorize a trusted person to act for you while you are away.

In New York, you can execute a statutory short form power of attorney, which grants broad authority, or you can tailor a more limited version for specific transactions.

Without this document, your spouse or family member may struggle to access accounts, sign contracts, or manage property on your behalf. Taking the time to execute a power of attorney avoids unnecessary hardship during deployment.

Make a Will to Direct Your Estate and Protect Your Children

Every servicemember should have a legally valid will. A will gives you the ability to decide who inherits your property and, if you have minor children, who will serve as guardian if something happens to you.

Even if most of your assets pass by beneficiary designation or through joint ownership, a will fills critical gaps. It also allows you to name an executor to manage your estate.

For servicemembers with children, the ability to designate a guardian may be the most important reason to have a will in place.

Evaluate Whether a Trust Makes Sense

A revocable living trust is another tool that may fit well into a servicemember’s estate plan. Assets placed in a trust do not go through probate, which is the court process for administering an estate in New York.

This saves time, simplifies administration, and provides privacy for your family.

Trusts can also provide continuity if you become incapacitated. A successor trustee can immediately step in to manage trust assets without the need for court involvement.

For military families who often move or hold property in multiple states, a trust can also prevent the need for multiple probate proceedings. These benefits make trusts worth considering for servicemembers looking for flexibility and efficiency.

Address Medical and Disability Planning

Estate planning is not just about passing on property after death. It also involves preparing for incapacity.

A health care proxy allows you to designate someone to make medical decisions on your behalf if you cannot. You can use a living will to set out your preferences for end-of-life care. These documents give clarity to your loved ones and avoid disputes during stressful times.

Military service can also lead to disability, either during or after your career. Veterans Affairs benefits may be part of your financial security, but they should be integrated thoughtfully into your broader estate plan.

Accounting for disability benefits helps you provide for your family while maintaining eligibility for important programs.

Take Action Today!

To schedule a consultation at our Staten Island, NY estate planning office, call us at 332-456-0500 or send us a message through our contact page.

Neil O'Reilly
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About Neil O'Reilly

Cornelius (“Neil”) J. O’Reilly is an attorney whose practice is focused in the areas of Estate Planning, Estate Administration, and Business Succession Planning. His main goal is to demystify Estate Planning for his clients so they can gain peace of mind knowing that they have provided for their families by passing along their hard-earned wealth and by minimizing the stress they will experience if the client becomes incapacitated or dies Read More!