Estate Planning: Revising Your Will After a Personal Injury Settlement

If a person has suffered a personal injury due to the negligence of another party, they may be awarded compensation as the result of a personal injury settlement. Depending on the situation, a personal injury award could be a large sum of money. Often, payment is either dispersed in one large payout or in a series of payments overtime. You may decide to update your will if the award you received after paying any expenses from the injury is a sizeable amount. It will be important to make the following considerations prior to revising your will.

Consult with an Attorney

When is comes to amending your will in the event of a personal injury settlement award, it may be helpful to speak with an attorney, like an estate planning lawyer Phoenix AZ can rely on. When conducting this process it will be important to inform them of all details surrounding your personal injury settlement so that they can help you to come up with the best plan. They will be able to go over the settlement and work with you to develop a will that keeps your final wishes at the forefront. They will also use the following questions as a guide to determine if it is in your best interest to update your will after being awarded a settlement. It will be important to be prepared with the information needed to answer these questions with your attorney:

  • Will you have any money left over after paying your medical expenses or any other costs that were related to your injury?
  • Will there be any residual medical expenses left over after you pass away? In some cases, you could end up with more than you realized if your settlement award extends far beyond your life expectancy.
  • Will you be changing any beneficiaries who were named in your previous will?
  • Will you be adding any additional beneficiaries that are not currently listed?

Divorces, Separations, and Break Ups

Unfortunately, you may have to face a long term disability if you have been the victim of a personal injury of a severe nature. This will cause you to make serious changes to your living situation if you have to fit your home to accommodate the disability you received. You may also be financially impact if you are not able to go back to work after you are hurt. In some situations, even the strongest of relationships can be impacted by a personal injury, causing severed relationships with loved ones and even spouses. As a result, your outlook on who you will name as a beneficiary in your will may change. You may have other people who you want to include in your will that was not previously named. It makes sense given such a large change in life circumstances that you consider updating your will to reflect this.

If you decide that revising your will is the logical next step, consulting with an attorney who has knowledge of estate planning will be important when you have received an award from a personal injury settlement.


Thanks to our friends and contributors from Kamper Estrada, LLP for their insight into rivising a will after a personal injury award.