Estate Planning Tasks to Complete Before Military Deployment
If you know you are going to be deployed overseas as part of your military service, it is important that you take care of some estate planning tasks before you leave. The following are some key issues to consider:
Prepare legal documents
You should have a will in place before you leave, especially if you have significant property, are married or have any minor children. Name beneficiaries for your property and a guardian for your children, if you have any. You should also name someone who can handle all your bills and other responsibilities while you are gone by establishing financial power of attorney. If you are a single parent, you may need to appoint a temporary guardian.
Review your insurance
If your car will simply be garaged while you are gone, you may be able to get a reduction in auto insurance rates during your deployment. You should also make sure you have adequate life insurance coverage, along with medical coverage for your family while you are gone. Verify coverage with programs such as TRICARE and DEERS, which give your family members access to some benefits while you are away.
Get your finances in order
Many lenders and credit card companies will lower your interest rates while you are deployed. See if this is an option for you. You may also receive assistance from the Servicemembers Civil Relief Act to help make your payments on loans you took out before your service. Finally, make sure you have a solid budget in place for your routine expenses — and that you have someone who can take care of them for you.
There is likely to be a large checklist of items to take care of before you head overseas. To make sure you’re covering all your bases, consult a dedicated Tampa estate planning attorney with BaumannKangas Estate Law.