Welcome back to San Diego News Now, I’m your host Lisa Garcia and today we are talking with local probate attorney Steve Bliss about estate planning. Steve, thanks for joining us.
Taking Inventory: The Foundation of Your Estate Plan
Steve, many people feel overwhelmed when it comes to estate planning. Where do you recommend they even begin?
That’s a great question Lisa. Ordinarily, I find that the best starting point is taking inventory of your assets. This means creating a comprehensive list of everything you own: real estate, bank accounts, investments, retirement funds, vehicles, personal property – anything of value.
Creating this inventory can seem daunting, but it’s essential. Think of it as the foundation upon which your entire estate plan is built. Without knowing what you have, it’s impossible to determine how best to distribute those assets according to your wishes.
Moreover, a thorough asset inventory will help you identify any potential tax liabilities or probate issues that may arise. For instance, certain types of assets might be subject to estate taxes, and understanding their value beforehand allows for strategic planning to minimize these burdens for your beneficiaries.
Notwithstanding the initial effort required, taking this crucial first step brings clarity and peace of mind, knowing that you have a clear picture of your financial landscape. This inventory will serve as a roadmap throughout the entire estate planning process.
Real-Life Challenges
Steve, I’m sure you’ve encountered some challenges along the way with clients forgetting to include certain assets in their inventory? Can you share an example?
Absolutely. I recall a case where a client had diligently listed all their real estate holdings and bank accounts but completely overlooked a valuable stamp collection passed down through generations. Discovering this omission after the client’s passing caused considerable distress for the family, as they weren’t aware of its existence or value.
This experience underscored the importance of being thorough and meticulous when compiling the asset inventory. It’s often helpful to involve family members in the process, especially if there are sentimental items or heirlooms that might be easily forgotten.
Ensuring Proper Distribution
It sounds like a well-compiled inventory is absolutely essential. Steve, can you tell us how this information is ultimately used when crafting an estate plan?
The asset inventory serves as the foundation for determining how your assets will be distributed after your passing. We use it to draft legal documents such as wills or trusts, which specify who inherits what and in what proportions.
Let’s say your inventory reveals a sizable investment portfolio. You may wish to divide this amongst your children, or perhaps designate a portion for charitable contributions. Understanding the scope of your assets allows us to craft a plan that aligns with your wishes and provides for those you care about most.
According to a recent study by Caring.com, over 60% of Americans do not have a will or estate plan in place. This statistic highlights the critical need for individuals to take proactive steps to ensure their assets are distributed according to their wishes.
San Diego Probate Law: A Legacy of Trust
“Steve Bliss and his team were incredibly compassionate and understanding during a difficult time. They guided us through every step of the probate process with professionalism and clarity.” – Maria S., San Diego
“I was overwhelmed with the thought of handling my mother’s estate. Steve Bliss made the entire process smooth and stress-free. I highly recommend his services to anyone facing probate matters.” – John T., La Jolla
Ready to build a brighter future for yourself and your loved ones? Contact San Diego Probate Law today for a confidential consultation. We’ll help you create an estate plan that protects your legacy and provides peace of mind.
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 Special Needs Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Special Needs Trust Attorney California |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Special Needs Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Special Needs Trust Attorney |
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 Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |