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Different ways a car crash can affect an estate plan

On Behalf of | May 21, 2018 | Estate Planning And Probate

After a motor vehicle crash, all sorts of questions may arise and a victim (as well as their family members) may be unsure about how life may change. Aside from the physical and emotional consequences of a crash, brought on by a debilitating injury or the loss of life, there are other ways motor vehicle collisions can turn lives upside down. For example, an estate plan such as a will or trust could be impacted by a traffic collision. If you were involved in a wreck or someone close to you was injured or killed in a crash, it is important to handle any estate-related matters appropriately.

If a negligent driver caused a crash and you were able to secure compensation for your suffering, you may need to take this into account when deciding how to split up your trust among beneficiaries or make changes to your existing estate plan due to your financial changes. Or, if one of your loved ones passed away in a wreck and you named them as the executor for your estate, or a beneficiary, you may need to take a second look at your estate plan and revise it accordingly.

There are other ways these changes can affect your will or trust also. Sometimes, a crash may bring on a number of hardships that ultimately lead to divorce, which is another common reason people make changes to their estate plan. While these matters may seem stressful, it is crucial to focus on a full recovery. Our estate plan page gives a closer look at legal topics about wills and trusts.