Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Friday, December 14, 2012

Doomsday Estate Planning

DoomsdayAs of this day, we are only one week away from winter solstice, and that means that time is running out to get a person's affairs in order should the world end in 2012. If you are one of the people who are preparing for the global apocalypse, then you might take a moment to stop stockpiling water, food, and other items to take a closer look at your finances as we head into the final week of civilization. First, it is important to remember that any global catastrophe is likely to damage the banking system and might render it inaccessible. This could prevent a person from accessing their funds should they need the money. A person might want to consider doing the following to adequately prepare themselves financially:

  1. A person might want to consider keeping a small sum of cash on hand. Some people recommend keeping at least $1,000 on their person in $20 bills.
  2. As part of a longer term solution, a person might want to consider eliminating their debts and increasing the amount of money that they are saving. The reason that this is imperative is because long-term debts, such as mortgages, car payments, credit cards, and medical bills, can impair a person's ability to set aside money that could be useful in an emergency.
  3. A person might want to consider converting some of his or her cash money to gold and silver coins. While paper money could depreciate in value, gold and silver usually never lose their value. Note, it is important that a person receive gold and silver that could be actually used in bartering.
  4. The previous point is based on the idea that our paper currency could completely lose its value, requiring us to look to alternatives currencies to make purchases. On a similar note, a person might want to set aside items that could be used to barter for goods.
  5. A person should strongly consider preparing in advance for a disaster by stockpiling necessities, such as water, food, and gas. 
  6. Finally, keep everything in perspective. The odds that the world will end on December, 21, 2012 is going at 300 million to 1 on MyTopSportsbooks.com, a gambling website. While is highly likely that the world is not going to end in a week, the reality that each of us could face a natural or a man-made disaster in our lifetimes is a reality. Many people go through personal disasters when they lose a job. In an incident like that, a person can prepare themselves for disaster if they were to follow these simple steps. 

See Alex Veiga, How To Survive The Mayan Apocalypse: 6 Financial Tips, The Huffington Post, Dec. 13, 2012.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

http://lawprofessors.typepad.com/trusts_estates_prof/2012/12/doomsday-estate-planning-.html

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Comments

I'm confused here. Will the world be coming to an end on the solstice or on the last day of 2012? Thank you in advance.

Posted by: brian j. cohan | Dec 16, 2012 8:56:02 AM

If the world ends on 12/21/2012, how would the winner of the 300,000,000-to-1 bet collect on the bet?

Posted by: Brian Barreira | Dec 16, 2012 4:27:54 PM

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