One of the first steps in the process of creating a comprehensive estate plan is to outline your plans for yourself and the transfer of your assets as well as your plans for the future care of your loved ones. In this regard, your estate plan should be developed in accordance with wishes and goals that are of fundamental importance to you.
Unfortunately, when faced with stressful financial situations or tough economic times, it can be easy to take your focus off of your planning and goals in order to deal with more immediate and pressing issues. When faced with a harsh economy, remember to take a step back, consult your attorney, and if necessary make slight changes to your estate plan to reflect your current situation. Forgetting about your long-term goals and ignoring estate planning entirely may only serve to cause prolonged hardship for you and your family.