Watt's Law PLLC South Jordan, Utah

Estate Planning In Case Of Personal Injury

In the hectic and at times dangerous world that we live in, it’s a sad fact of life that accidents can and do happen to innocent people. Thankfully, the legal system has been designed so that those who sustained injury due to the fault of another person can seek compensation for their injuries. Sometimes physical injuries are so severe that a person receives a large sum through a settlement or court judgment. A sudden and substantial infusion of cash can be overwhelming to some people and their family. Without guidance from a professional familiar with estate planning, this compensation amount can get mishandled or lost. For some, it may be tempting to spend this money on everything they have ever wanted. But for others, they may want to save some of this money and pass it down to their closest family and friends after they have passed on. It is wise to consider setting up a will or trust and planning for incapacity, just in case a personal injury accident does happen to you.

Establishing a Will or Trust

Receiving an increase in wealth from a personal injury accident settlement makes it even more vital to plan for the distribution of your property and money if you were to unexpectedly pass away. After your death, you want to make sure that any accounts or property you own, including funds from the injury settlement, is transferred to beneficiaries according to your wishes. A will enables you to name a person who will carry out these instructions after your death and distribute it to the people and organizations that are most important to you. Those who have been in an injury accident can speak with a personal injury lawyer near them about their compensation eligibility.

Planning For Incapacity

No one wants to imagine a time when they are unable to care for themselves. But in case of a personal injury accident, it’s helpful to have an estate plan created so your loved ones know what your preferences are in regards to medical care and life support. If you are not able to communicate your wishes, then your relatives can refer to the legally-binding documents in your estate plan that instruct them on what to do for you. This prevents them from having to make potentially life-altering decisions after such a traumatic event.

Estate Planning Support

Personal injury accidents are any event that leads to the injury and/or financial loss of another person. In situations like these, there is usually one or more people who hold fault in what happened. Examples of personal injury accidents are car accidents, workplace accidents, medical malpractice, slip and falls, truck accidents, and more. As our friends at Cohen & Cohen would agree with, it helps to have an estate plan already written just in case you find yourself with a sudden substantial compensation amount or critical incapacity. This not only benefits you, but the people around you who care about you the most.