U.S. Military (Ret.): Prepare for the worst by compiling info for family - Military Retirement - Navy Times

U.S. Military (Ret.): Prepare for the worst by compiling info for family

For most of us, thoughts of mortality are unsettling. The natural inclination is to put it out of our minds.

But as a military retiree, if you were to become incapacitated or die tomorrow, would your loved ones know what to do? Would they know how to deal with your finances? Would they be familiar enough with military benefits to ensure their own well-being?

For retirees, particularly those approaching the end of their post-service careers, these are crucial considerations that cannot and should not be put off.

I’ve riffed on this subject in past columns. But thousands of new retirees leave service every year, so the subject is worth addressing anew every now and again.

Basically, it involves compiling detailed information that loved ones will need in order to handle your affairs should you die or become incapacitated.

This dossier could include:

• Key contacts. Designate someone to inform family members and others, such as professional contacts and friends, of your condition. Make sure that person has your current contact information.

• Medical issues. List your medical conditions, your doctors and their contact information, and your current medications.

• Finances. Compile a financial statement (assets minus liabilities) and a list of all accounts (checking, savings, brokerage, insurance, credit card, consumer loans, etc.). Update this at least once a year.

• Insurance. Include a copy of the cover page of each policy you own.

• Business/legal documents. Make copies of any contracts and outline your desired actions.

• Funeral instructions. Identify your wishes concerning services and burial.

• Estate planning documents. These can include a copy of your will, power of attorney, living will or medical wishes to physicians, trusts and others. Also make sure to indicate where each original document can be found (such as the location of a safety deposit box, for example).

• Benefits details. This is possibly the most important issue. Many retirees tend to handle all the “family business” and never tell spouses and children how Tricare works, what to expect from the Survivor Benefit Plan, how to update their DEERS registration or how to contact the retiree branch at the Defense Finance and Accounting Service.

Write those kinds of things down — and get together to go over them at least once a year.

If you’d like help getting started, many military and veterans associations provide information on estate planning.

Yes, it’s unpleasant to think about, but planning ahead could prove invaluable to your family later.

Retired Command Master Chief Alex Keenan served 28 years in the Coast Guard. Email him at retired@militarytimes.com.