Why Veterans Need to Plan Ahead
Estate planning might sound complicated, but it's really about protecting what matters most to you. For military veterans who've served our country, understanding how to manage your finances and plan for the future is crucial. The Veterans of Foreign Wars (VFW) wants to help make this process easier with their Personal Estate Planning Guide.
Combat veterans face unique financial challenges that make estate planning critical:
Financial Uncertainties
- Military service can lead to unexpected medical issues or disability
- Potential job transitions after leaving the service
- Higher risk of financial stress due to service-related challenges
Family Protection
- Ensuring loved ones are financially secure if something happens to you
- Protecting children's education and future
- Preventing family conflicts over asset distribution
Health Care Concerns
- Managing potential service-related health complications
- Preparing for long-term medical care
- Ensuring your medical wishes are respected
Economic Challenges
- Potential income disruption during career transitions
- Managing potential service-related medical expenses
- Protecting assets from unexpected financial setbacks
Creating Your Estate Plan: The Basics
Every veteran needs five key documents:
1. A Will and/or a Trust: Tells everyone how you want your things distributed
2. Power of Attorney: Lets someone make financial decisions for you if you can't
3. Health Care Directive: Explains your medical treatment wishes
4. Living Will: Provides instructions for end-of-life care
5. Beneficiary Designations: Ensures your assets go to the right people
Types of Gifts You Can Plan
Veterans have many ways to leave a lasting impact:
- Gifts in your will
- Retirement account beneficiary designations
- Charitable donations
- Real estate transfers
- Investment contributions
Keeping Your Records Organized
Good record-keeping is essential. Create a file with:
- Personal information
- Employment details
- Medical history
- Important passwords
- Utility account information
Calculating Your Estate's Worth
Make a complete list of:
- Assets (what you own)
- Liabilities (what you owe)
- Insurance policies
- Retirement accounts
- Property values
Final Steps: Protecting Your Legacy
The VFW's Personal Estate Planning Guide can guide you through:
- Documenting your final wishes
- Choosing who gets notified after you pass
- Planning funeral preferences
- Distributing gifts to family and charities
Don't Wait Any Longer. Take Action Today
Don't wait to protect your family's future. The VFW's guide is designed specifically for veterans like you. It's free, easy to understand, and could save your loved ones thousands of dollars and countless hours of stress.
Your service protected our country. Now it's time to protect your family's financial future.
Click Here to Learn More About the VFW's Personal Estate Planning Guide.
While you're at it, download the "What My Family Should Know" kit located on our RESOURCES tab. Written by one of our (9876's) Comrades, it is an excellent supplement to the Estate Planning guide.
