Being Deployed? Here Is What You Need to Do

You have just received your orders, and you will be deployed shortly. No matter how soon you are leaving, there is still time to ensure that your affairs are in order.

1. Review or prepare a Family Care Plan. Regardless of the branch of the military in which you are serving, you may be required to complete a Family Care Plan (FCP). An FCP is usually required for individuals who

• are single parents with custody of children under 19,
• are in dual-military marriages with dependent children,
• are married and have custody or joint custody of a child whose other legal parent is not their current spouse,
• bear sole responsibility for the care of children under 19 or for others who are unable to care for themselves in the service member’s absence, or
• are primarily responsible for the care of a dependent family member.

An FCP provides written instructions and legal documentation outlining how your loved ones’ day-to-day needs will be met in your absence. It designates a caregiver, confirms their willingness to take on that responsibility, and includes essential documents such as powers of attorney and medical authorizations. You will need to submit this plan to your command for review and approval to ensure that everything is in place and meets applicable military requirements.

2. Review estate planning documents or have them prepared. To ensure that your wishes are carried out, they must be written down in a legally valid way. You can accomplish this through the use of a last will and testament (sometimes referred to as a will) or a revocable living trust (sometimes referred to as a trust). If you already have a will or trust, make sure that it still accurately reflects your current wishes. Also, if you have married or had a child since your will was prepared, you may want to consider revising your plan to include a trust. While a will and a trust are both designed to distribute your money and property according to your wishes, a trust has the added benefit of allowing the administration to take place without court involvement, which can save time and money and maintain your loved ones’ privacy. A trust also can be designed to protect your beneficiaries’ inheritances from creditors, predators, judgments, or divorcing spouses.

If you decide to transition from a will-based estate plan to a trust-based plan, you will still need a pour-over will as part of your overall estate plan. Even with a trust handling the distribution of your assets, a will serves several important functions; most notably, it allows you to nominate a guardian for your minor children if something happens to you. A will can also serve as a safety net by directing any assets not already titled in the name of your trust (or otherwise passed by beneficiary designation) to be “poured over” into the trust upon your death.

While both a will and a trust play an important role in securing your loved ones’ financial future, there are other estate planning tools that need to be reviewed or created to ensure maximum protection for you and your loved ones.

Financial Power of Attorney

If your spouse or you are going to be deployed, having a financial power of attorney is incredibly important. This tool allows you to appoint a trusted individual to act as your agent for financial and legal tasks. This person will be able to transact business on your behalf. This tool can be customized to fit your unique situation and circumstances.

Medical Power of Attorney

This tool allows you to name someone to make medical decisions on your behalf if you are unable to make or communicate those decisions yourself.

Power of Attorney for Minor Children

Some states recognize a tool that allows you and your spouse to give a named person the authority to make decisions on behalf of your minor child. This can be helpful if one parent is deployed and the other parent is unreachable or if your minor child is spending time away from you. The length of time this tool is effective after it is signed varies by state. Also, in most states, the named person cannot consent to the adoption or marriage of your minor child.

Separate Nomination of Guardian

Depending on whether it is permitted in your state, you may want to consider creating a separate document to nominate guardians for your minor children. Many people prefer this approach because it is typically easier and less expensive to update than a last will and testament. In addition, this separate document may carry more legal weight in the selection of a guardian for your minor children if you are alive but become unable to care for them, unlike a last will and testament, which takes effect only upon your death.

3. Review or complete beneficiary designations. As a service member, you may have access to life insurance policies or other survivor benefits through the military. Review these policies and any corresponding beneficiary designations to ensure that they still reflect your current wishes and that the right person will receive the benefits. As mentioned, this is especially important if you have recently married or had children. Although it is common to name loved ones as the beneficiaries of a life insurance policy, if the people you named are minor children who may need assistance managing the large lump-sum distribution of the policy or benefits, you should consider creating a trust and naming the trust as the beneficiary instead. Your loved ones will still receive the benefit of the death proceeds, but you will have the ability to provide instructions as to how the money is to be used rather than permitting an outright distribution. You will also have the ability to choose who will oversee the trust.

4. Assess your life insurance needs. When planning for the financial security of your family, assessing their specific needs is important. According to the United States Department of Veterans Affairs, Servicemembers’ Group Life Insurance is available in $50,000 increments up to a maximum of $500,000. However, if you need more coverage than this, research your other options as early as possible. We would be happy to provide you with the names of a few trusted agents who can discuss your options based on your unique circumstances.

We Are Here to Help

You have made a heroic decision to serve your country, and we are here to serve you. If you have any questions about starting or reviewing your estate plan, please call us.