There are many different events in life that may affect an estate plan, including divorce and a change of heart. However, some are completely unexpected and can be devastating in more ways than one. For example, some people suffer unanticipated health problems that result in emotional, physical and financial hardships. Depending on the severity of the health problem, it may even be necessary to go over an estate plan once again. There are a number of different reasons why revisions may be called for in the wake of a health crisis and we will cover some in this post.
For starters, health problems can prompt someone to take time off work, leading to financial issues. To make things worse, medical costs can be outrageously high and some problems will require long-term care and permanently alter the course of someone’s life. Moreover, the emotional toll of health crises can be absolutely draining, from a cancer diagnosis to a debilitating condition that leaves one unable to walk. If you are suffering from a difficult medical crisis, it is important to focus on your health and do all you can to recover. However, you should not ignore your finances and other issues that could be affected by your condition, such as your estate plan.
Revising an estate plan could give you some peace of mind, which may be valuable during a health crisis. Feel free to view our estate planning page if you want to go over some other issues that have to do with revising an estate plan.