As a member of the military, you have unique estate planning needs. You may be deployed overseas at any time and your family may be left without your support and guidance. Creating a comprehensive estate plan can give you peace of mind knowing that your loved ones will be taken care of financially if something happens to you. It can also help your family members avoid lengthy probate processes and manage your finances if you are deployed or injured.
To create a military estate plan in Georgia, the team at Fennell, Briasco & Associates™ can serve as your trusted legal adviser. For over 10 years, we have helped hundreds of Georgia residents with comprehensive estate planning for military personnel. Contact us today at (770) 956-4030 for a FREE legal consultation.
What is a military estate plan?
A military estate plan for active duty military members is a legal document that outlines your wishes for how your assets will be distributed after your death. Military estate planning can be as simple or complex as you need it to be, and it can be updated at any time.
An estate plan is not just about having a Last Will and Testament. It’s also about making your medical and financial desires known in the event that you become incapacitated, which is especially important for active-duty military members. In the event of your passing or incapacity, these documents explain not only your estate intentions and arrangements for minor children but also designate an agent or administrator to carry out your wishes. The ultimate aim of military estate planning is to assist you in maintaining assets and directing it to intended beneficiaries such as children, grandchildren, spouses, family members, business partners, friends, and charitable organizations.
At Fennell, Briasco & Associates™, we understand that if you own a home, you may want it to go to a specific person when you pass. With a military estate plan in place, we can make sure this happens smoothly and correctly. Contact your local probate attorneys in Fennell, Briasco & Associates™ of Georgia today so we can help get started on your military estate planning needs.
What property/assets will be a part of my estate?
What happens when a military service member passes away? Depending on the form of the military estate plan for personnel, an executor or administrator will usually take an inventory of all the property owned by the servicemember at the time of their death. The collective grouping of property that is put together is called the estate.
An estate refers to both physical and nonphysical property, which includes anything from real estate to investments. Since an estate accounts for both what the deceased owned and owed, some of the funds may go toward repaying creditors. Few people are aware of how rapidly an estate can grow in value. If you take your assets and property into account, the overall value can easily top a million dollars. This money may be given to particular people, organizations, or charitable causes at death—and it’s your duty to ensure it goes to the correct person. An estate may include all of the following items:
- Real estate, including a primary home residence
- Vehicles and other titled property (e.g., boats and motorhomes)
- Debts and loans, including mortgages, credit card balances, and other loans
- Securities, like stock portfolios and bonds
- Pensions and other retirement benefits
- Bank accounts
- Ownership/partnership interests in a business, corporation, or LLC
- Personal possessions like jewelry, antiques, and electronics
- Life insurance policies and payable-on-death benefits, depending on the named beneficiary
- Other assets, whether probate or non-probate
How do you create a military estate plan in Georgia?
Co-Ownership of Property: If you own property with another person, the death of one co-owner could transfer all remaining property rights to the surviving co-owner. For example, if you and your spouse jointly own a home, the death of either spouse may leave full ownership of the property to the survivor. Your lawyer can help you to find the best estate planning solution for your situation by restructuring property and ownership rights.
Lifetime Gifts:
Lifetime gifts are most often utilized for tax purposes. Depending on the value of the gift, you may obtain certain tax benefits by giving property to family members or loved ones during your lifetime. Always consult an attorney regarding how this particular legislation and tax rules might affect your military estate plan.
