If you are a single parent in the military or civilian expeditionary workforce and are expecting to be on deployments in hot spots around the world more often than you are in CONUS, you may want to consider setting up a trust fund. Here's why and what to consider when hiring a trust management firm.
Possible Financial Situations During Deployment
The old cliche, "where there's a will, there's a way," suggests that when you really want to do something that your will to do it will help you find a way, regardless of any obstacles you face. The main obstacle you face while on a deployment is the difficulty and sometimes the complete inability to connect with the modern world, especially to handle financial matters, such as the following:
- Paying your bills on time, every time. How will you know if your bills are being paid while you are on the other side of the world in a danger zone? And would you really want to be worried about financial matters during your deployment? You'll need to keep your head in the game instead of having your mind focused on whether or not your automatic car payment went through.
- Investing the money you'll save while deployed. One of the benefits of deployments is the savings you'll see in your bank account. After all, there aren't very many places to spend a lot of money when deployed. While you may be able to find time to get on the Internet during your deployment, you likely won't have enough time to develop an investment strategy.
- Distributing monetary support to your children. Of course, you'll need to continue paying your child support obligations, which should be done through your state's court system. However, there's no doubt there will be other times when your children need additional funds, such as to go to cheer camp or to buy a new flute.
What to Consider When Hiring a Trustee
All of those types of financial situations—and more—can be handled by a trustee on your behalf. When interviewing a trust management service, you'll want to be sure they understand your particular situation with going on deployments more often than not. And as someone who will deploy frequently, you'll need to discuss openly with your trustee regarding the possibility that you may not return or you may return disabled. That way, he or she can develop contingency plans for the various types of situations that may happen in the future.