Just as you need to revisit your will or living trust when a child or grandchild is born, you buy a new house, get a divorce or one of your inheritors dies, it is essential that you review these documents when a recession hits. The reason is simple: Many if not most of your assets have changed in value, meaning that your estate plan has probably become inequitable. If you left your daughter real estate and your son Certificates of Deposit at a time when they were of equal value, chances are that your son is now set to receive far more. So for your family’s sake, pull out your will or trust and take a critical look. Given the swift changes that define our modern life, most wills need revision every few years -- yours is probably no exception.

Sincerely,
Ralph Warner, co-founder