Taking Inventory of Your Assets
Good morning, San Diego. Today we’re joined by Steve Bliss, a renowned probate attorney here in San Diego. Steve, thanks for joining us.
Steve, for our viewers who might be unfamiliar with estate planning, can you walk us through the first crucial step: taking inventory of assets?
Taking Stock
Certainly. Taking inventory of your assets is fundamental to a solid estate plan. Think of it as creating a comprehensive financial roadmap of your life. You want to list everything you own, from tangible assets like real estate, vehicles, and valuable collections to intangible assets such as investments, retirement accounts, and even intellectual property.
Moreover, don’t overlook seemingly smaller items. Personal belongings, furniture, jewelry – these all contribute to the overall value of your estate. This detailed list ensures that nothing is overlooked when it comes time for distribution according to your wishes.
Why Accuracy Matters
The accuracy of this inventory directly impacts how smoothly your estate will be administered. A missing asset could lead to confusion, legal complications, and potentially unintended beneficiaries receiving a smaller share than intended.
Consequently, I encourage everyone to meticulously document each asset, including its approximate value. This step may seem tedious, but it saves potential headaches down the line. Ordinarily, we advise clients to update this inventory every few years, especially after major life changes or acquisitions.
Challenges and Lessons Learned
Have you encountered any issues with clients accurately assessing their assets?
Oh yes, I recall one instance where a client underestimated the value of his art collection. It turned out to be worth significantly more than he initially thought. This oversight could have resulted in inequitable distribution among his heirs. Fortunately, we were able to address it during the planning process.
It’s important to remember that estate planning isn’t a one-time event; it requires ongoing attention and adjustments as circumstances change.
The Value of Planning
According to a study by Caring.com, 60% of Americans do not have a will or estate plan in place.
This highlights the critical need for individuals to proactively address their estate planning needs. Remember, it’s about more than just distributing assets; it’s about protecting your loved ones and ensuring your wishes are honored.
Taking Action
Steve, what’s the best way for our viewers to get started with this process?
Contact us today for a free consultation. Our team at San Diego Probate Law is here to guide you every step of the way. We believe everyone deserves peace of mind knowing their affairs are in order.
Testimonials
“Steve Bliss and his team made the entire probate process so much easier for our family during a difficult time. Their knowledge, compassion, and professionalism were invaluable.”
– The Smith Family
“I was overwhelmed with the thought of estate planning, but San Diego Probate Law demystified the process and helped me create a plan that truly reflected my goals. Highly recommend!”
– Maria Hernandez
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 are the biggest mistakes to avoid in estate planning?” Or any other related questions that you may have estate planning or my estate planning law practice.
Important Facts About San Diego Probate Law
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