Safeguarding your legacy: Essential estate planning for Retired Soldiers
By Master Sgt. KaChica Paige, Army Reserve Retirement Services Office NCO May 2025
Estate planning is an essential process for Retired Soldiers to ensure that their assets are managed and distributed according to their wishes upon incapacitation or death. It involves creating legal documents that outline how property, finances, and personal care should be handled. For Retired Soldiers, the process can be more complex due to their unique benefits and entitlements.
One of the primary components of estate planning is drafting a will or trust. A will is a legal document that specifies how your assets will be distributed after your death. Trusts, on the other hand, can provide additional control over your assets, offer tax benefits, and protect assets from creditors. It is crucial for Retired Soldiers to update these documents regularly to reflect changes in their financial situation or family dynamics.
A power of attorney is another critical aspect of estate planning. This document allows a designated individual to make financial and legal decisions on your behalf if you become incapacitated. Similarly, a living will, and healthcare proxy are essential for outlining your medical treatment preferences and designating someone to make healthcare decisions for you. These documents ensure that your healthcare wishes are respected, even when you cannot communicate them.
Beneficiary designations are also a vital part of estate planning. Retired Soldiers should ensure that their life insurance policies, retirement accounts, and other financial instruments have up-to-date beneficiary designations. This step can prevent legal complications and ensure that your assets are distributed to your intended recipients. For Retired Soldiers with minor children, guardianship designations are crucial.
These designations specify who will care for your children in the event of your death, providing peace of mind that your children will be in good hands.
Retired Soldiers have unique considerations when it comes to estate planning. Survivor benefits from the Department of Veterans Affairs (VA) and the Department of Defense (DOD) are essential to consider. Ensuring that your spouse and dependents are aware of and can access these benefits is critical. Additionally, planning for the distribution of your military pension and any associated benefits is necessary.
Several organizations offer resources and services specifically for veterans and Retired Soldiers. The VA provides financial planning and online will preparation services at no cost to beneficiaries of service members’ group life insurance (SGLI) and other programs. Military OneSource offers comprehensive information on estate planning, including legal advice and support for service members and their families.
Estate planning is an ongoing process that should be revisited periodically, especially after significant life events. By taking these steps, Retired Soldiers can ensure their wishes are honored, and their loved ones are provided for. Exploring these resources and taking the necessary steps can secure your family’s future and provide peace of mind. Below are links to helpful resources for estate planning.
US Department of Veterans Affairs (VA): https://www.va.gov/
Military OneSource: https://www.militaryonesource.mil/
