Taking Inventory of Your Assets: A Cornerstone of Estate Planning
Good afternoon, Mr. Bliss. Thank you for joining us today at San Diego News.
We’re here to discuss the important topic of estate planning, something many individuals often overlook. Could you shed some light on one of the initial and crucial steps in this process?
Steve Bliss:
Certainly. One of the foundational steps in estate planning is taking a comprehensive inventory of your assets. This means creating a detailed list of everything you own.
Ordinarily, people think about their home, cars, and bank accounts. However, it’s important to include a broader range of items, such as investments, retirement funds, personal property, artwork, collectibles, and even digital assets like cryptocurrency.
Accurately assessing your asset base is essential because it forms the groundwork for determining how your belongings will be distributed according to your wishes. Moreover, understanding your financial picture allows you to make informed decisions about beneficiaries, estate taxes, and potential charitable giving.
Notwithstanding the seeming simplicity of this task, I’ve encountered situations where individuals underestimated the value of their assets, leading to complications during probate.
Once I had a client who forgot to include a rather valuable stamp collection in his inventory. Consequently, when it came time to distribute his estate, there was confusion and ultimately a legal challenge from a distant relative who felt they were entitled to a share of the collection.
Another time, a client significantly underestimated the value of her retirement accounts, which resulted in unexpected estate taxes that burdened her beneficiaries. These examples highlight why a thorough and accurate asset inventory is crucial for avoiding potential problems down the road.
San Diego News Reporter
That’s insightful information, Mr. Bliss. What advice would you give to our viewers who are starting their estate planning journey?
Steve Bliss:
My recommendation would be to start by making a list of all your assets, no matter how small they may seem.
- Real Estate
- Bank Accounts and Investments
- Retirement Funds (401k, IRA)
- Personal Property (Jewelry, Furniture, Artwork)
- Vehicles
Be sure to include the approximate value of each item. If you’re unsure about the valuation, it’s best to consult with a financial advisor or appraiser for professional guidance. According to a recent study by the National Endowment for Financial Education, nearly 70% of Americans do not have a will or estate plan in place. Don’t let yourself be part of that statistic. Taking proactive steps now can save your loved ones from unnecessary stress and financial hardship in the future.
Testimonial
“Steve Bliss was incredibly understanding and patient during a difficult time for our family. He helped us navigate the probate process with ease and ensured that my mother’s wishes were honored.” – Sarah J.
Testimonial
“San Diego Probate Law made what could have been a stressful experience surprisingly smooth. Their expertise and attention to detail gave us peace of mind knowing that our loved one’s estate was in good hands.” – Michael K.
Take control of your future and contact San Diego Probate Law today for a complimentary consultation. Let us help you create an estate plan that reflects your values and protects your legacy.
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 do I fund my trust?” 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 |