In life, there are many positive and negative changes that may occur which can have an impact on someone’s estate plan. For example, when a child is born, a married couple decides to end their marriage, or major financial changes take place, going over an estate plan may be necessary. However, there are other life changes which can affect estate plans, some of which are completely unexpected, such as a car accident. If you were recently involved in a crash or one of your loved ones is struggling with the consequences of a traffic wreck, it might be a good idea to take another look at your estate plan.
There are multiple ways an accident can impact your life. For starters, your ability to work and support yourself may change dramatically due to physical injuries sustained in a wreck. Moreover, if you have a child who was hurt in a crash and will struggle with a permanent disability, you may need to revise your estate plan to ensure that their needs are met in the years to come. Furthermore, car crashes can have significant financial consequences as well. Not only do some people struggle with the cost of medical care and lost wages, but some receive significant awards after being hit by a reckless driver, which may also necessitate making changes to an estate plan.
After an accident, it is vital for those hurt to focus on recovering. However, it can be very helpful to reassess an estate plan and other financial issues, when they are ready. Our estate planning section offers more on reviewing an estate plan.