Why Estate Planning Still Matters—Even During a Recession
If you took a peek at your 401(k) this week and felt your stomach drop, you're not alone. The market dip has a lot of folks uneasy—especially those nearing retirement or trying to build financial security in uncertain times. But here’s the truth: while we can’t control the stock market, we can control how prepared we are. That’s where estate planning comes in.
A Recession Doesn’t Mean You Pause Planning—It Means You Plan Smarter
When the economy takes a downturn, many families feel the urge to tighten the reins. That’s understandable. But estate planning isn’t just for when times are good. In fact, it’s even more important when things feel unstable.
Think of your estate plan as the foundation under your financial house. When markets are volatile, having the right legal tools in place—like a will, power of attorney, healthcare directive, or trust—can bring stability. It ensures that no matter what the economy is doing, you still have a say in what happens to your assets, your healthcare, and your loved ones.
Your 401(k) Might Fluctuate, But Your Plan Shouldn’t
Watching retirement accounts shrink is unnerving. But a good estate plan isn’t tied to market performance—it’s tied to your wishes. A will ensures your assets go where they should. A power of attorney ensures someone you trust can step in if you can’t. A trust can protect your estate from unnecessary taxes, legal battles, or Medicaid disqualification down the road.
And if your net worth is changing—or you're helping aging parents navigate their options—this is actually a critical time to update your plan.
How Vick Law Can Help
At Vick Law, we know this isn’t just about documents. It’s about protecting the people you love and making sure your hard work doesn’t go to waste. Here are a few of the ways we can help:
- Create or update your will to reflect current wishes, especially if your assets or priorities have changed.
- Establish a trust to protect your assets, avoid probate, and plan ahead for long-term care needs.
- Set up power of attorney and healthcare directives so your family isn’t left guessing in a crisis.
- Guide you through Medicaid planning to protect your home and savings while preserving eligibility for care.
- Review beneficiary designations to ensure your retirement accounts, life insurance, and other assets go to the right people.
Whether you’re just getting started or it’s been years since you reviewed your plan, we’ll walk you through it with care and clarity—no pressure, no confusing legal speak.
Encouragement for the Long Haul
It’s easy to feel powerless when headlines scream recession and retirement account balances shrink. But estate planning is one area where you can take control, bring peace of mind to your family, and make sure your values—not just your bank balance—guide the future.
Want to see what economists are saying about the current downturn? Check out this recent article from CNBC on how market volatility is impacting retirement planning.
And if you're ready to talk about next steps, Vick Law is here.
Let’s make a plan that works—recession or not.
Schedule a call with Vick Law today.
