As Veteran’s Day approaches, I want to speak to those who have served in our military. First, thank you for your service! All of you have made personal and professional sacrifices to be a member of our armed forces, and words cannot express our appreciation. In return, I want to show you how to secure your family’s future with proven estate planning strategies.
Do you already have a will or a trust?
While you were on active duty, you may have used the legal service benefits offered by the military to create a simple will or trust. I am sure it was recommended to you especially if you were serving in a combat zone. Depending on how long ago it was, now may be the time to review and update those documents if you had any changes to your family or your assets.
Many veterans would have likely made their will or trust when they were young and single, with few assets to consider or a family to care for. Over the years that could have changed quite a bit, and your original plan may not be as effective today.
Here is a quick overview of situations or changes that would make an estate planning review necessary:
Marriage or Divorce: Your spouse is often the primary beneficiary of your estate plan, and any changes in marital status carries huge implications when it comes to your estate documents.
Birth or Adoption of Children: The addition of children to your family affects how you should craft your trust including how you want guardianship, financial support, and parenting to be handled in the case you are no longer around.
Death of Parents or Siblings: In your original plan you may have named immediate family members as beneficiaries, but if any have passed away its time to make an update.
Increase in Asset Value: If you have invested, saved, or bought appreciating assets, an increase in value can affect your distribution strategies, taxes, and how you may want to allocate to your heirs.
Give us a call to plan today for peace of mind tomorrow.
If you relate to any of the above scenarios and would like to learn more about updating, or creating, your estate plan, give our office a call at (951) 445-4114. We are here to help you protect yourself, your loved ones, and your legacy.
