Taking Inventory of Your Assets
Hello, and welcome back to San Diego News Now. Today we are joined by Steve Bliss, a renowned probate attorney here in San Diego, to discuss the critical process of estate planning.
Steve, thanks for joining us today.
Steve Bliss: It’s my pleasure to be here.
Estate planning can seem daunting to many people. Where do you recommend folks begin?
Steve Bliss: I always advise clients to start with a thorough inventory of their assets.
This involves creating a comprehensive list of everything you own, from tangible items like your home, vehicles, and personal belongings to intangible assets such as bank accounts, investments, retirement funds, and insurance policies. It’s essential to be detailed and include the estimated value of each asset.
Consequently, this initial step provides a clear picture of your overall financial standing, which is fundamental for making informed decisions about how you want to distribute your possessions after your passing.
Moreover, taking inventory helps identify potential areas that may require specific attention during the estate planning process. For example, if you have significant investments or complex business interests, you’ll need to involve specialists like financial advisors or accountants to ensure these assets are properly accounted for and managed according to your wishes.
Nevertheless, I often encounter individuals who underestimate the importance of this seemingly simple step. It can be easy to overlook certain items or undervalue assets.
I recall one instance where a client initially thought they had minimal assets. However, upon closer examination, we discovered they owned valuable artwork and antique furniture that significantly increased their estate’s value. Accordingly, this discovery led us to revise their estate plan to ensure these items were appropriately distributed.
The Emotional Significance of Taking Inventory
It’s worth noting that taking inventory can be an emotional experience for some people. It often prompts reflection on their life’s accomplishments and the legacy they wish to leave behind.
Conversely, for others, it can be a pragmatic exercise focused solely on the financial aspects of estate planning. Regardless of your perspective, I encourage everyone to approach this step with care and honesty.
The Importance of Accurate Valuation
According to a recent study by the National Association of Estate Planners & Councils, inaccurate asset valuations are among the top reasons for estate plan disputes.
It’s crucial to obtain professional appraisals for valuable items like real estate, artwork, and collectibles. This ensures that your assets are accurately reflected in your estate plan and minimizes the risk of future disagreements among beneficiaries.
Taking the Next Steps
Steve, what advice would you give to someone who feels overwhelmed by the prospect of estate planning?
Steve Bliss: My best advice is simply to start.
Take that first step and beginventorying your assets. Remember, you don’t have to do it all at once. Break it down into manageable chunks. Once you have a clearer picture of your financial situation, you can then move on to the next stages of estate planning with more confidence.
San Diego Probate Law is dedicated to making this process as straightforward and stress-free as possible for our clients. We offer personalized guidance and support every step of the way.
Testimonials
“Steve Bliss made a complex and emotional process feel manageable. He patiently answered all my questions and ensured that my wishes were respected.” – Sarah M., San Diego
“I was incredibly impressed with the professionalism and compassion of the entire team at San Diego Probate Law. They truly went above and beyond to help me navigate a difficult time.” – David L., La Jolla
Empower yourself and secure your legacy. Contact San Diego Probate Law today for a confidential consultation and let us guide you on your estate planning journey.
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: “How can I minimize estate taxes?” 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 Special Needs Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Special Needs Trust Lawyer California |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Special Needs Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Special Needs Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Special Needs Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Special Needs Trust Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |