Special Considerations for Estate Planning in Wisconsin for Military Families
Estate planning is a critical process for everyone, and military families in Wisconsin face unique challenges and considerations when creating their estate plan. Understanding these special needs is essential to ensure that your family is protected and your wishes are carried out according to your preferences.
1. Understanding Military Benefits and Entitlements
Military families should be well aware of the various benefits available to them, including Servicemembers’ Group Life Insurance (SGLI) and other survivor benefits. When preparing an estate plan, it is essential to address these benefits and ensure that they are appropriately designated in your will and any other relevant documents. Additionally, consider how these benefits may interact with state laws in Wisconsin.
2. Addressing Deployment and Change in Service Status
Active military service often comes with deployments and potential changes in service status. This reality necessitates regular updates of estate planning documents, such as wills, powers of attorney, and health care directives. In Wisconsin, ensure that your estate planning is adaptable and can accommodate any sudden changes in your circumstances.
3. Guardianship Considerations
For military families, selecting a guardian for minor children is a crucial aspect of estate planning. In the event of an unexpected deployment or loss, having a clear and legally binding designation in place is vital. Ensure that the chosen guardian is willing and able to take on the responsibility, and discuss your wishes with them beforehand.
4. Navigating State and Federal Laws
Wisconsin has specific laws regarding estate planning that may differ from federal regulations. Military families must be aware of how these laws affect their estate plans, especially concerning tax implications and inheritance rights. Consulting a legal expert familiar with both military and Wisconsin estate planning laws can provide essential guidance.
5. Utilizing Military Legal Assistance
Active-duty service members and their families have access to military legal assistance programs. These resources can help military families navigate the complexities of estate planning. They can offer valuable support in drafting wills, establishing powers of attorney, and understanding the specific benefits available to them.
6. Considering Special Needs
If your family includes members with special needs, addressing their care and financial security in your estate plan is crucial. Wisconsin law provides options such as Special Needs Trusts that can help preserve benefits for individuals with disabilities while ensuring they receive the necessary support from their estate.
7. Ensuring Proper Documentation and Storage
Finally, ensure that all estate planning documents are not only properly created but also stored securely and easily accessible in case of emergencies. Inform trusted family members or relevant parties of their location. Regularly review and update these documents as life circumstances change, such as marriages, divorces, or the birth of children.
In conclusion, estate planning for military families in Wisconsin requires careful consideration of unique challenges and opportunities that arise from military service. By addressing military-specific benefits, guardian arrangements, and the interplay between state and federal laws, military families can create a robust estate plan that provides peace of mind and security for the future.