Estate Planning Following Your Personal Injury Claim

We are living in tumultuous times, and things are only becoming more and more hectic with each passing year. All across the state of Florida, and even the country, accidents are occurring and people are getting hurt more and more. According to Mr. Charles Spinner, the best personal injury attorney Lakewood Ranch has to offer, the Florida legal system is set up to compensate those that have been wrongfully damaged or injured in an accident, as a result of negligence on the offending party’s behalf. In some instances, these settlements and payouts can be quite substantial and it's vital to properly plan and do the right things with this compensation. Lakewood Ranch injury lawyer Charles Spinner and his team have assisted a number of clients with estate planning services following their windfall of cash, and it’s important that you understand the best ways to handle such payouts if you are ever involved in a personal injury settlement or claim yourself.

Being awarded a large personal injury settlement or payout can drastically alter your family situation, and overall life. While it might be the product of a negative point in your life, whether it was a car accident, medical malpractice claim, or other form of personal injury claim, it's important to move forward and make the best out of any bad situation. According to Mr. Spinner, considered the best estate planning lawyer Lakewood Ranch has in practice, the sudden increase in wealth must be managed carefully and used prudently. This is why estate planning is such a vital service in the legal world!

Once you have settled or received a payout for your personal injury claim, it's important to create a will or trust, because tomorrow is not promised to anybody and anything can happen at any time. Creating a will allows you to name the person that will control your accounts and any property you might have after your death. In addition, you are able to name any people, places or organizations you may want to leave money or valuables to.

For those individuals that are married or have younger children, below the age of 18, a living trust might be a great option as well. According to Lakewood Ranch injury lawyer, Mr. Charles Spinner, a living trust will appoint a trustee that will have access to your accounts and property for the benefit of your spouse or your child. In addition, it will protect your assets from losses that might occur as a result of a lawsuit, divorce, or some other financial issues that your spouse or children may experience after you have already passed.

One of the best things about a living trust is that it can also protect property until your child reaches adulthood and is better able to manage the money that they will eventually inherit. According to Mr. Spinner, the best personal injury lawyer Lakewood Ranch has in practice, a living trust is different from a will, which usually requires a long, drawn-out, and oftentimes costly, probate proceeding, a well-established living trust can ensure your loved ones have access to your assets the way you intended, and are able to avoid the need for any probate process following your death.