Shields and Boris Blog on Elder Care, Health Care, and Caring in General

The importance of estate planning in a down economy

There is no way to hide from it – as we all know the U.S. economy is in a recession.  Your estate has probably already taken a hit, what with real estate values down and stock prices depressed.  But regardless of what is going on in your portfolio, it is as important as ever to make sure you have all your ducks in a row in case you should pass unexpectedly.

One unfortunate side-effect of a bad economy is that your estate may be more prone to disputes after your passing.  When money is tight, heirs can become unusually adversarial, and all your careful planning could be for naught if you don’t make sure your will and trust documents are precisely worded.

It is important that you sit down with your estate planning attorney and determine if the intent of your will matches the wording in your will.  You want to be sure there is no “wiggle room” that could result in protracted legal battles amongst your heirs.  It isn’t uncommon for attorneys to see the number of fights over inheritance go up in a recession, and you should do what you can now to make sure your will and trust documents don’t cause problems down the road.

You can read more about estate planning in our library articles “Could you be doing more to manage your estate and protect your assets?” and “Three Reasons to Focus on Estate Planning”.