Taking Inventory: The Foundation of a Solid Estate Plan
Good morning, San Diego! Today we’re joined by local probate attorney Steve Bliss, founder of San Diego Probate Law. Steve, thanks for being here.
Steve, one of the first steps in estate planning that often trips people up is taking inventory of their assets. Can you elaborate on why this step is so crucial?
The Importance of Knowing What You Have
Certainly. Taking inventory of your assets is like laying the foundation for your entire estate plan. It’s essential to have a clear understanding of what you own before you can determine how it will be distributed. Ordinarily, people think of assets as just their house and bank account, but it’s much broader than that.
You need to consider everything: real estate, vehicles, investments, retirement accounts, personal belongings of value, even intellectual property. Moreover, don’t forget about debts and liabilities. A complete picture helps ensure your wishes are carried out accurately. Consequently, failing to take a thorough inventory can lead to unintended consequences and complicate the probate process.
I recall one case where a client had a sizable art collection that they hadn’t included in their initial inventory. This oversight created significant confusion and delays when it came time to distribute their assets.
Avoiding Common Pitfalls
To make the process smoother, I often suggest clients create a detailed list with descriptions of each asset, its estimated value, and any relevant documentation like titles or deeds. Notwithstanding these efforts, sometimes people underestimate the value of certain items, like antiques or collectibles. Accordingly, it’s wise to consult with professionals for appraisals when necessary.
Studies have shown that approximately 60% of Americans do not have a will or estate plan in place. (Source: AARP)
Protecting Your Legacy
“Steve Bliss and his team were invaluable in helping me navigate the complex world of probate after my mother’s passing. Their compassion and expertise made a difficult time more bearable.”
“I highly recommend San Diego Probate Law to anyone needing assistance with estate planning or probate matters. They are truly professionals who go above and beyond for their clients.”
Steve, thank you so much for sharing your insights today. For those wanting to protect their loved ones and ensure their wishes are honored, contact San Diego Probate Law today for a free consultation.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Estate Planning Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Probate Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Map To San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “What is community property and how does it affect estate planning?” Or any other related questions that you may have estate planning or my estate planning law practice.
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