Personal Property
6 min read
What Is a Postnuptial Agreement, and How Does It Work?
For many spouses, a postnup is simply about preventing confusion and making shared decisions before money questions get harder to discuss.
Personal Property
Economic Uncertainty Becomes Motivator to Create Estate Plans
Get the legal advice you need without the hourly legal fees
Key takeaway: While 96% of Americans said economic uncertainty was their biggest concern in a recent LegalShield survey, only 40% have an estate plan in place. Economic uncertainty is actually one of the best reasons to put an estate plan together now.
In times of economic uncertainty, many people focus on immediate financial concerns—paying bills, protecting their jobs, managing debt. Estate planning often falls to the bottom of the priority list. But economic instability is actually one of the best reasons to get your affairs in order.
Here’s why estate planning becomes even more important—not less—during uncertain economic times.
Why economic uncertainty makes estate planning urgent
Your financial picture can change quickly
When the economy is volatile, asset values shift, business situations change, and income can become unpredictable. An estate plan created during more stable times may no longer reflect your current assets, debts, or wishes. Reviewing and updating your plan during uncertain times ensures it’s accurate and effective.
A lack of planning creates more risk for your family
If something happens to you without an estate plan in place, your family may face a lengthy, expensive probate process, court-appointed guardians for your children, and assets distributed according to state law rather than your wishes. This is especially painful during times of financial stress.
Medical crises often accompany economic ones
Economic hardship can be accompanied by increased health risks—whether from stress, reduced access to healthcare, or broader public health challenges. Having healthcare directives and powers of attorney in place ensures your medical wishes are known and someone you trust can make decisions on your behalf if you’re unable to.
Core estate planning documents to have in place
- Last Will and Testament: Directs how your assets will be distributed and names a guardian for minor children
- Durable Power of Attorney: Authorizes someone to handle your financial and legal affairs if you’re incapacitated
- Healthcare Proxy / Medical Power of Attorney: Designates someone to make healthcare decisions on your behalf
- Living Will / Advance Directive: Documents your wishes regarding life-sustaining treatment
- Beneficiary Designations: Ensures retirement accounts, life insurance, and other assets pass directly to your chosen beneficiaries outside of probate
Estate planning doesn’t have to be expensive
One reason people delay estate planning is the perceived cost. But with a LegalShield membership, you can work with a provider lawyer to create essential estate planning documents at a fraction of what traditional legal services typically cost.
Given that 96% of Americans are worried about economic uncertainty but only 40% have a plan in place, now is the time to act. Explore LegalShield’s estate planning services to get started.
Frequently Asked Questions
Basic estate planning typically costs $300-1,500, while complex plans may cost more. However, the cost of not having a plan (probate, family disputes, taxes) often exceeds planning costs significantly.
Simple plans can be completed in 2-4 weeks, while complex situations may take 6-8 weeks. The key is starting the process rather than waiting for perfect timing.
Yes. Anyone with assets, dependents, or strong preferences about medical care should have basic estate planning documents.
While minor updates may be possible, significant changes should involve an attorney to ensure legal validity and proper implementation.
State intestacy laws determine asset distribution, which may not align with your wishes and can create family conflicts and additional costs.
_________________________________________________________________________
Get the Answers You Need, When You Need Them
Author
Elyse Dillard
Content Specialist at LegalShield
Content Specialist at LegalShield, creating educational resources about legal and consumer protection topics. She focuses on making complex legal and financial concepts accessible to readers and has contributed to various educational articles on consumer rights and protections.
Related articles
Personal Property
6 min read
What Are House Deeds, and How Do I Get Mine?
You might need your deed when you’re selling your home, adding a spouse to the deed, checking ownership, or trying to settle estate questions.
Personal Property
5 min read
Per Stirpes vs. Per Capita: Choosing how your estate gets distributed
The difference between "per stirpes" and "per capita" can be confusing. They sound alike and both have to do with who inherits your assets if a named beneficiary dies. We'll explain the difference.
Personal Property
6 min read
How to Sign as a Power of Attorney Agent to Represent a Loved One
Signing as a POA Agent is more than just jotting down your signature. Banks, title companies, healthcare providers, and similar entities might reject documents if the signature doesn’t clearly show that you’re signing for the other person.
Personal Property
5 min read
How to Avoid Probate With Thoughtful Estate Planning
Probate can take time, add costs, and create extra work for loved ones during an already difficult time. That’s why people often want to know how to avoid it.
Personal Property
5 min read
Personal Representative vs. Executor: Who Does What?
An executor is always a type of personal representative, but a personal representative isn't always an executor. Learn about the differences and what each does.
