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Estate plan revision due to a personal injury settlement

On Behalf of | Dec 16, 2019 | Estate Planning |

There are all sorts of issues to tackle when it comes to estate planning, and everyone is in a different position when it comes to their estate. Aside from determining which type of plan is most sensible, focusing on the benefits of an estate plan and figuring out how it could affect loved ones, people who have already worked through all of these issues may have estate planning considerations arise in the future. For example, those who are injured because of another’s negligence and receive a significant personal injury settlement may need to go over their estate plan once again.

Personal injury settlements can change one’s life in many different ways. Sometimes, people in this position are not able to work any longer, which could have a significant impact on their financial future. On the other hand, some people obtain very large settlements, which can change their lives (as well as the lives of their loved ones). In these instances, reviewing an estate plan and making any necessary changes is imperative.

We are well aware of the stressors that many people face when revising an estate plan, especially for those who have been through a tough personal injury case. However, if you are revising your estate plan because of a personal injury settlement, it is important to carefully go over all of your options and think about the different ways in which your financial future will be impacted and how you would like your estate to be divided among loved ones.