Virginia Estate Planning: Military Families Special Considerations

Virginia Estate Planning: Military Families Special Considerations

Virginia military families face unique estate planning challenges that require specialized strategies and careful attention to both federal and state law.

Military-Specific Estate Planning Needs

• Frequent relocations: Military families often move between states or overseas, which can affect domicile, property ownership, and which state’s laws apply to your estate plan. It’s important to review and update your documents after each move to ensure they remain valid and effective.

• Deployment considerations: Service members should have a durable power of attorney in place before deployment, allowing a trusted person to manage finances and legal matters during their absence. Consider both general and specific powers, depending on your family’s needs.

• Survivor benefits: Coordinating military pension benefits, Survivor Benefit Plan (SBP) elections, and Servicemembers’ Group Life Insurance (SGLI) with your will or trust is essential. Beneficiary designations on these accounts override your will, so keep them updated.

• Service member protections: The Servicemembers Civil Relief Act (SCRA) offers protections during active duty, such as postponing certain legal actions and limiting interest rates. These can impact estate administration and creditor claims.

Virginia-Specific Military Considerations

• Homestead protections: Virginia’s homestead exemption can protect a portion of your home’s value from creditors, but the amount and application may differ for military families. Review eligibility and file the required paperwork to claim this protection.

• Military retirement benefits: In divorce, Virginia courts follow federal law and state guidelines when dividing military retirement pay. The Uniformed Services Former Spouses’ Protection Act (USFSPA) and Virginia statutes both play a role, so outcomes can vary based on your circumstances.

• Service member wills: Virginia law allows for simplified will execution for active-duty service members, but these “military wills” may have limitations. For example, they may not be recognized in all states or for all types of property, so consider a standard will for broader protection.

Essential Documents for Military Families

• Deployment power of attorney: This document allows a spouse or trusted agent to handle financial, legal, and property matters while the service member is deployed. Make sure it is durable and specific enough for your needs.

• Healthcare proxy: Also called a medical power of attorney, this appoints someone to make healthcare decisions if you are unable to do so. Consider pairing this with a living will for clarity on your wishes.

• Military spouse protections: Spouses may also benefit from SCRA protections, such as relief from certain lease and contract obligations. However, these protections are not automatic and may require specific action or documentation.

Virginia’s military-friendly laws provide unique advantages for service member families, but careful planning is needed to maximize these benefits and avoid unintended consequences.

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Disclaimer: This blog post is for general informational purposes only and does not constitute legal advice. Estate planning outcomes can vary based on your personal circumstances and the evidence available. Always review your situation carefully and update your documents as your life changes.