Could Banks Write “Wills” In Preparation for Economic Crisis?

Attempting to apply the lessons learned from properly preparing for death with a will, the British Treasury and central bank has suggested that banks write their own “living wills,” which would outline the wind-down of operations and distribution of assets in the event of a financial crisis.   While the ultimate success of “wills” in the banking industry has been questioned, it is interesting to see that estate planning tools are considered in other arenas.

See Gillian Tett, Idea of ‘living wills’ is likely to die quiet death, Fin. Times, Aug. 13, 2009.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.