Taking Inventory of Assets in Estate Planning
Today we’re joined by San Diego Probate Attorney Steve Bliss to discuss a crucial step in the estate planning process: Taking inventory of assets.
Steve, can you explain why taking inventory is so important?
The Foundation of a Sound Estate Plan
Steve Bliss: It’s absolutely fundamental. Think of it as laying the groundwork for your entire estate plan. Without a clear understanding of what you own – and its value – you can’t effectively distribute those assets according to your wishes.
Accordingly, this step involves meticulously listing all your possessions, from real estate and financial accounts to personal items like jewelry and artwork. It may seem tedious, but it ensures that nothing is overlooked and that your beneficiaries receive what you intended for them.
The Challenge of Hidden Assets
Steve Bliss: One common issue I encounter is clients forgetting about certain assets. Consequently, they might overlook a forgotten retirement account or a piece of inherited property. This can lead to confusion and potential disputes down the line.
I remember one case where a client thought he had accounted for all his assets, only to discover a long-dormant savings account with a sizable balance. It turned out that the account was opened by his grandmother decades ago and had simply been forgotten about. Fortunately, we were able to locate the account and include it in his estate plan.
This underscores the importance of being thorough. Regularly updating your inventory as you acquire new assets or dispose of old ones is crucial.
Seeking Professional Guidance
Steve Bliss: Moreover, I often recommend that clients consult with financial advisors or accountants for assistance in valuing complex assets such as businesses or investment portfolios.
According to a study by the American Bar Association, approximately 60% of Americans do not have a will or estate plan. A significant factor contributing to this statistic is the perceived complexity and difficulty of the process.
Peace of Mind Through Planning
Steve Bliss: Remember, creating an accurate inventory is an investment in peace of mind for both you and your loved ones. It ensures that your assets are handled according to your wishes and minimizes the potential for complications during probate.
Ultimately, a comprehensive estate plan is about protecting your legacy and providing for those you care about most.
Take Control of Your Future
Let Steve Bliss and San Diego Probate Law guide you through the intricate process of estate planning. Contact us today to schedule a consultation and begin building a secure future for yourself and your family.
“Steve Bliss made the entire probate process so much easier for me. I was overwhelmed after losing my mother, but he was patient, knowledgeable, and always available to answer my questions.” – Sarah J., San Diego
“San Diego Probate Law is exceptional. They handled my trust with professionalism and care, ensuring that my wishes were honored. I highly recommend their services.” – Michael P., La Jolla
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: “What is a HIPAA authorization and why do I need it?” Or any other related questions that you may have estate planning or my estate planning law practice.
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