Taking Inventory of Assets: A Crucial First Step in Estate Planning
Good morning, San Diego! Today we’re talking with Steve Bliss, a leading probate attorney here in San Diego. Steve, thanks for joining us.
Steve, many people put off estate planning because it seems overwhelming. Can you break down one of the initial steps to make it less daunting?
Steve Bliss:
Thanks for having me. You’re right, estate planning can seem like a big task. But tackling it step by step makes it manageable. One crucial first step is taking inventory of your assets. This means listing everything you own – real estate, bank accounts, investments, vehicles, personal property – basically anything of value.
It’s important to be thorough and accurate. Consequently, this list will form the foundation of your estate plan. It helps determine what needs to be distributed and ensures your wishes are carried out correctly.
Many people underestimate the extent of their assets. They might forget about an old retirement account or a piece of jewelry passed down through generations. Moreover, neglecting to include these items can lead to confusion and disputes later on.
Think of it like organizing your home. Before you can decide what to donate, sell, or keep, you need to know what you have. Similarly, taking inventory provides a clear picture of your financial landscape, allowing for informed decisions about asset distribution.
According to a 2021 survey by Caring.com, over 60% of Americans don’t have a will. This often leads to complications and delays when settling an estate, highlighting the importance of proactive planning.
Overlooked Items and Emotional Decisions
Steve, have you ever encountered situations where people overlooked important assets during this inventory process?
I remember one case where a client thought they had accounted for everything. But during our review, we uncovered a significant sum in an old savings account they had forgotten about. It turned out their grandmother had opened the account for them as a child, and they hadn’t accessed it in decades.
Finding this hidden asset brought them peace of mind knowing their loved ones would be cared for. Conversely, I’ve also seen cases where emotions cloud judgment during this process. For example, someone might undervalue sentimental items or want to leave everything to one child, neglecting the needs of others.
It’s essential to approach this step with a clear head and consider all perspectives.
Taking the Next Step
Steve, for those who are ready to start planning their estate, what advice would you give?
Steve Bliss:
Start by gathering your financial documents – bank statements, investment records, property deeds – anything that outlines your assets. Then, schedule a consultation with an experienced probate attorney. We can guide you through the process, ensuring all necessary steps are taken and your wishes are clearly documented.
Remember, estate planning is not just about dividing possessions; it’s about protecting your loved ones and providing for their future. It’s a gift you give them that will last long after you’re gone.
Testimonials
“Steve Bliss made the entire probate process so much easier than I expected. He was incredibly knowledgeable, patient, and always available to answer my questions.” – Jane Doe
“I highly recommend San Diego Probate Law. Steve helped me navigate a complex estate situation with compassion and expertise. They truly understand the emotional toll probate can take and provided invaluable support during a difficult time” – John Smith
Let us help you secure your legacy. Schedule a consultation today and discover the peace of mind that comes with a well-crafted estate plan.
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: “Can I include conditions in my trust (e.g. age restrictions)?” Or any other related questions that you may have estate planning or my estate planning law practice.
Important Facts About San Diego Probate Law
| California Tax By-Pass Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Lawyer California |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Tax By-Pass Trust Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |