How Estate Planning Is Affected After a Severe Injury
A severe injury can be a life-changing experience that not only impacts your physical and emotional health but also your financial and legal circumstances. If an individual experiences a severe injury, he or she might need to re-evaluate his or her estate planning to ensure that their intentions are correctly expressed and their assets are properly secured. Estate planning is not just about preparing for death; it’s also about preparing for the unexpected, including situations that may temporarily or permanently alter your ability to make decisions.
How Estate Planning Changes After a Serious Injury: Why It’s Essential to Update Your Plan in the Event of a Major Health Crisis
1. Revising Your Power of Attorney
Among the first things you will need to do to refresh your estate plan following a severe injury is to make sure that your power of attorney (POA) is current. A POA appoints an individual to handle your financial, legal, and medical matters in case you cannot do so yourself because you have been injured or incapacitated. If you have already designated someone as an agent, you need to check if this individual is still the best person to appoint, taking into account your injury and your future requirements.
2. Health Care Directives and Living Wills
A traumatic injury usually necessitates a review of your health care directives and living will. These are documents that give orders about your medical treatment wishes in case you cannot speak for yourself if you are severely injured. Your living will should give direction about your wishes for life-sustaining treatments, including ventilators or feeding tubes, while your health care power of attorney enables another person to make medical choices on your behalf if you are unable to.
3. Updating Your Will
A serious injury can change your financial circumstances, which may call for your will to be modified. You may receive a personal injury settlement or damages that change your assets or income, or you may have large medical expenses that drain your savings. Updating your will guarantees that your estate correctly represents your new financial standing and safeguards your loved ones.
4. Guardianship of Minor Children
If you have minor children and your severe injury has affected your capacity to provide for them, you must update your estate plan with guardianship provisions. This guarantees that should you become incapacitated or pass away, someone you trust will provide for your children. Even if you had previously designated a guardian in your will, you should reconsider the decision if your injury brings about some changes in your residence or the individuals surrounding you.
This article was written by AllaTenina. Alla is one of the best bankruptcy attorneys in Los Angeles California, and the founder of Tenina Law. She has experience in bankruptcies, real estate planning, and complex tax matters. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.
