Wills
Most individuals work hard accumulating assets
for their family’s welfare. Not spending enough
time planning how to preserve those assets
for your heirs can be costly.
When you die without a will, the state court
steps in to make those decisions for you according
to applicable state law. The state also charges your
estate for the expense involved and, if you are not
married and have no blood relatives, may even take
your property upon your death. With so much at stake,
it is easy to see why a will is the foundation
of comprehensive estate planning.
If you are a servicemember, it is especially
important for you to have a will since you may be
more likely than a civilian to face life-threatening
situations as part of your job. The installation’s
legal office will assist you in preparing and executing
a will free of charge. You should update your will
at regular intervals and whenever a significant life
event occurs, such as marriage, the birth or adoption
of a child, or moving to another state.
A will allows you to:
- Designate who receives your property when you die.
- Appoint a guardian for your minor children.
- Provide financial security for your spouse and children.
- Leave money to a worthy cause.
Powers Of Attorney
With a power of attorney, you can give another
individual the legal authority to act on
your behalf for a purpose you designate,
such as paying your bills, managing your
personal affairs or handling your finances.
You must be of sound mind and not under mental
duress to prepare and execute any of these
documents. A general power of attorney
expires if you become incapacitated.
You have several options for authorizing
another individual to act on your behalf.
Durable Power Of Attorney For Financial Decisions
- Continues to operate even if you become
unable to manage your own personal and financial affairs.
- As long as you are mentally competent, you can revoke
a durable power of attorney whenever you wish.
- Consider executing a new durable power of attorney
every 3 to 5 years to confirm your intentions.
- Take your durable power of attorney to your
financial institutions while you remain competent,
to confirm they would accept it.
Health Care Directive, Living Will Or Directive To Physicians
- Designates medical procedures you want taken if
you become too ill to state your preferences.
- You can specify types of treatment you would
reject or accept, such as no cardiac resuscitation
but maximum pain relief.
- You determine when your instructions apply, such
as when your diagnosis is a terminal condition.
- Consult with your physician to determine your options.
- Leave a copy of your living will with your physician.
- Review your options periodically. Revise your health
care directive to reflect changes in your preferences.
New medical discoveries could alter your decisions.
Durable Health Care Power Of Attorney Or Health Care Proxy
- Allows you to appoint someone to make health care
decisions on your behalf should you become incapacitated.
- Have it prepared by an attorney who specializes in
this field to ensure it conforms to your state’s laws.
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Basic Money Management
Basic Money Management
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