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Revising your estate plan after an auto accident

On Behalf of | Jun 21, 2019 | Car Accidents |

Car crashes can bring a number of devastating consequences into victims’ lives, from high levels of stress and physical pain to mental trauma. However, the financial consequences that may arise in the wake of a collision can be especially tough for victims and their family members. Job loss, hospital bills and costs associated with physical therapy and counseling can be incredibly difficult, and there are other financial matters that may need to be examined following a crash. For example, some people may want to revise their estate plan for a number of reasons.

Estate planning can be complicated and confusing, especially for someone who is struggling to recover from a car accident. However, it is paramount for people to protect their estate and make any changes when necessary. A car accident (or another personal injury) may necessitate changes for various reasons. For example, someone who is awarded a significant amount of money as a result of a settlement may need to make changes to their estate plan. Or, they may decide to change the way in which assets are split up as a result of the crash, or they may decide to put someone else in charge of their estate.

Life can change in many ways after a car crash, whether a victim is unable to work (and their financial future changes considerably) or they change their mind with respect to family members based on the efforts (or lack thereof) of certain relatives. There are many other issues related to this topic and we cover them in detail on our site.

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