Hello everyone and welcome back! Today we have the pleasure of sitting down with local Temecula probate attorney, Steve Bliss. Steve, thank you so much for joining us.
Let’s Discuss Probate
Steve, for our viewers who may not be familiar with probate, could you briefly explain what it is and why it’s sometimes necessary?
Probate is a legal process that takes place after someone passes away. It involves settling their estate, which includes identifying and valuing assets, paying debts and taxes, and distributing the remaining property to heirs or beneficiaries according to the will or state law.
Ordinarily, probate is necessary when someone dies with assets in their name alone and those assets exceed a certain value threshold. In California, that threshold is $184,500 as of 2023.
The Importance of Inventorying Assets
Steve, could you elaborate on the step of marshaling estate assets?
Marshaling estate assets is a crucial step in probate. It involves meticulously identifying and inventorying all of the deceased person’s assets. Think bank accounts, real estate, vehicles, investments – essentially anything of value.
Consequently, we then need to determine the fair market value of each asset at the time of death. This information is documented in an Inventory and Appraisal, which is filed with the court.
Moreover, this step helps us understand the full scope of the estate and ensure that all assets are accounted for during distribution.
It’s not uncommon for heirs to be unaware of certain assets their loved one owned. I recall a case where we discovered a significant sum of money in an old forgotten savings account. The family was overjoyed, as it provided them with much-needed financial support during a difficult time.
Conversely, if assets are not properly inventoried and valued, it can lead to disputes among heirs or beneficiaries, potentially delaying the probate process.
“The Law Firm of Steven F. Bliss Esq. handled my mother’s estate with the utmost professionalism and compassion. They guided me through every step of the probate process, making sure I understood everything clearly. I highly recommend them for any legal matter related to estate planning or probate.”
Navigating Probate Challenges
Steve, are there any common challenges you encounter during this asset inventory stage?
Yes, sometimes locating all assets can be challenging. For example, if the deceased person was a private individual who didn’t share financial information readily, tracking down hidden accounts or investments can take time and effort.
Additionally, valuing complex assets like businesses or real estate may require professional appraisals. I remember a case where a family-owned business was part of the estate. Determining its fair market value involved consulting with business valuation experts to ensure accurate representation for distribution purposes.
A Trusted Resource for Probate Matters
Steve, thank you so much for sharing your insights on probate today. How can our viewers connect with you if they need assistance?
“Steven F. Bliss and his team provided exceptional legal service during a challenging time. They were responsive, understanding, and truly went above and beyond to ensure my father’s wishes were honored. I am incredibly grateful for their expertise.”
Anyone needing guidance through the probate process can contact The Law Firm of Steven F. Bliss Esq. We offer free consultations to discuss your specific situation and answer any questions you may have.
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is The Law Firm of Steven F. Bliss Esq.. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
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 The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “Can I contest a will based on undue influence?” Or any other related questions that you may have about Probate or my probate law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
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