As you know, March 13^th is daylight savings time which is when most people take the opportunity to review things in their home, like smoke detectors, for functionality, as well as do a little spring cleaning.  

We are using this opportunity as a public service announcement to remind you not only to check your batteries and the cleanliness of your home, but to update your estate plan as well.

That’s simply because having an out-of-date estate plan (ie. one that does not reflect a marriage, divorce, acquisition of new assets, sale of assets, change in guardianship wishes, change in healthcare wishes) is the number one reason why a will or trust will fail when a family needs it the most (similar to a faulty smoke detector!).

As a general rule of thumb, we advise families to update their plans once a year—which is why daylight savings time is the perfect opportunity to do this in making sure there is a COMPLETE hedge of protection around a family if tragedy strikes.

When checking on the “functionality” of your estate plan, you should look for the following:

• Outdated beneficiary designations- An immediate update to your plan is necessary if you are no longer happy with the beneficiaries you’ve named to inherit your estate.  You may also need to update your plan to reflect a birth, death, marriage or divorce.  This will ensure your wishes are carried out and no one is unintentionally disinherited upon your passing.

• Guardianship Nominations- Are the guardians you’ve chosen to care for your minor children still a good fit for your family?  Or have circumstances changed where you need to put new guardians in place?  If after careful consideration you are no longer happy with your choice of short or long-term guardians, update them accordingly.
• Inventory of Assets- During your yearly estate plan review, it’s important to take stock of all new assets (including real property, cars, investments, insurance policies, etc) and make sure they are accounted for in your plan.  Likewise, if you have a trust, double check to make sure your assets are properly owned in the name of that trust. 
• Financial and Health Care Agents- Determine whether you are still happy with the people you’ve nominated to make decisions on your behalf if short or long-term incapacity occurred.  Additionally, if your end of life wishes or medical preferences have changed, make sure they are put in writing and clearly communicated to your agent of choice.  

We are here to help you protect your family, business and real estate.  Don’t wait until it is too late.  You can reach our office at 650-321-6796 or visit us on the web at www.chillag.com.