Military pay stops when a member dies. The Survivor Benefit Plan, or SBP, is an annuity that provides a beneficiary with monthly payments for life.
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A power of attorney is a document that lets you name someone to make decisions on your behalf. This appointment can take effect immediately if you become unable to make those decisions on your own. For example, if you become mentally incapacitated or deploy to another country, you may be unable to make necessary decisions personally.
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A health care power of attorney is a document in which you designate someone to be your representative, or agent, in the event you are unable to make or communicate decisions about all aspects of your health care. Specifically, it empowers your agent to make health care decisions in the event of your incapacity.
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Testamentary trusts are trusts created in a will. Trusts are commonly created to provide for minor children following a parent’s death.
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Selecting qualified and trustworthy persons to manage your estate following your death can be difficult.
Factors to consider include:
Cost
Security
Permanence
Investment experience and policy
Conflicts of interest
Disinheriting a relative can be more difficult than you would imagine.
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SGLI is a program that provides term life insurance coverage to eligible service members. If eligible, you are automatically issued the maximum SGLI coverage. Coverage is available in $50,000 increments up to the maximum of $400,000.
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A living will is an advance directive for end-of-life care should the person be unable to communicate them to a doctor. State law governs the extent to which a living will is enforced.
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