Motor vehicle collisions can bring various consequences into a victim’s life. From physical pain and injuries that derail their daily life to death and financial hardships over hospital bills, car accidents can be devastating. Moreover, a crash may have repercussions that upend lives in other ways or prompt victims to reevaluate other aspects of their life, such as affecting one’s estate plan. If you have been involved in a car crash, you may need to take a second look at your estate plan for various reasons.
For starters, some people are awarded a significant amount of money following legal action against a reckless driver. For some people who have found themselves in this position, modifying an estate plan is necessary, while others may create an estate plan for the first time as a result of the money they have received. Moreover, an estate plan may need to be changed because someone is no longer able to work due to injuries they sustained in a car crash, which changes their ability to earn money throughout the rest of their life. Sadly, some people also need to make changes to an estate plan because they lost someone they loved in a motor vehicle wreck.
These are some of the reasons why people decide that it is necessary to revise an estate plan and there are many more life changes that may necessitate these changes. Regardless, it is crucial to approach the estate plan revision process correctly. Our estate plan page has more on this issue and other considerations regarding this area of law.