Taking Inventory of Assets: A Crucial First Step
As a leading probate attorney in San Diego, Steve Bliss guides individuals and families through the intricate process of estate planning. Today, we delve into one crucial step – taking inventory of assets.
“It’s the foundation upon which a comprehensive estate plan is built,” explains Steve. “Without a clear understanding of what you own, it’s impossible to effectively distribute your assets according to your wishes.”
The Importance of Thoroughness
Steve emphasizes the need for meticulous detail when compiling this inventory. “Include everything – real estate, bank accounts, investments, retirement funds, vehicles, valuable collections, even digital assets like cryptocurrency.” He adds, “Don’t overlook sentimental items. While they may not have monetary value, they hold immense emotional significance and should be accounted for.”
Consequently, Steve often advises clients to create a spreadsheet or utilize online tools designed for asset tracking. This helps ensure accuracy and provides a readily accessible record.
Challenges and Solutions
Steve recounts a situation where a client assumed they had accurately documented all their assets. However, during the probate process, a forgotten safety deposit box containing valuable jewelry surfaced, causing unexpected complications and delays. “This underscores the importance of revisiting your asset inventory regularly,” Steve cautions.
Moreover, he highlights that complex assets like businesses or intellectual property often require specialized valuations. In these cases, consulting with financial professionals is crucial to ensure accurate inclusion in the estate plan.
“Ordinarily, most people underestimate the value of their possessions,” says Steve. “A study by AARP found that nearly 60% of adults over 50 have not created a written inventory of their belongings.” (Source: AARP)
He adds, “Taking this initial step can save your loved ones considerable time, stress, and potentially costly legal disputes down the road.
Peace of Mind
San Diego Probate Law has earned a reputation for its compassionate and meticulous approach to estate planning.
“Steve Bliss helped me navigate a complex situation with sensitivity and expertise,” shares one grateful client. “He took the time to understand my unique needs and ensured my wishes were clearly reflected in my will.”
Another client praises Steve’s professionalism: “I felt confident knowing that San Diego Probate Law was handling my affairs with the utmost care and attention to detail.”
Secure your family’s future. Let San Diego Probate Law guide you through the complexities of estate planning and ensure your legacy is protected.
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 responsibilities of an executor in California?” Or any other related questions that you may have estate planning or my estate planning law practice.
Important Facts About San Diego Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |