San Diego Power Outage Shows the Importance of Preparation in Estate Planning
The recent power outage in San Diego left the entire population of the county in the dark. Many people were unprepared and did not have basic resources including food, water and gas. Only after the power went out did people rush to the stores and gas stations only to find them closed as well. We are always told to be prepared but rarely to people heed that advice.
Preparation is also essential to estate planning. Many people wait until too late to draft a will, trust or power of attorney and the consequences can be disastrous. If you do not have an estate plan it can lead to very costly probate fees or result in other expensive court proceedings such as a conservatorship.
Even if you have a will or trust already, it is important to make sure they are updated. Most people make a will or a trust and then forget about it for years. Did your family member pass away? Is the person you named still capable of acting as trustee or executor? Were there any changes in the law that would effect your estate plan?
You need to have an emergency kit in the first place but it also needs to be maintained and the same is true for your estate plan.