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Hurt in an accident? It’s time to update your estate plan

On Behalf of | Jul 1, 2022 | Estate Planning |

Any time a major event happens in your life, you need to update your estate plan to reflect those changes. For example, in the past you may have set up a health care power of attorney with someone you trust, but after seeing how they reacted to a serious injury you suffered, you may have changed your mind about them being in charge of your care.

Sometimes, too, people make decisions about their care and decide that they want something different after suffering a serious injury. For instance, if you have been left with a serious disability after a crash, you may have a different outlook about your long-term care or end-of-life wishes.

Updating your estate plan is a good idea

Whether you were involved in a severe accident or you were able to recover from your injuries, it’s still a good idea to go back over your estate plan to make sure it’s as protective as possible. If you didn’t previously have a guardianship set up for your children or had no one assigned to be your financial or health care power of attorney, now would be a good time to set up those documents.

If someone else you care about was also in the crash or accident and won’t be able to fulfill a role that you had them assigned to in the future, you may want to talk to them about removing them from that part of your estate plan.

Changes in your life may make it necessary to alter your plans

If you have changes in the way you have to live your life, your income or who you’re around, it makes sense to read back over your estate plan to make sure it’s up to date. Doing this can help you minimize the risk of will contests or family conflicts later, making it simpler to handle any major health issues or illnesses in the future.

Knowing that your estate plan is as protective as possible can help you feel confident as you live your life. You and your beneficiaries can be protected against challenges in the future.

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