Taking Inventory of Assets
Welcome back to San Diego Legal News. Today, we have the pleasure of speaking with Steve Bliss, a respected probate attorney here in San Diego.
Steve, thank you so much for joining us today.
My pleasure. It’s always good to spread awareness about the importance of estate planning.
The Foundation of Estate Planning
Let’s dive right in. We often hear about wills and trusts, but what’s a crucial first step that many people overlook?
“Taking inventory of your assets is paramount,” Steve explains. “It’s the bedrock upon which your entire estate plan rests.”
He elaborates: “You need to have a clear and comprehensive understanding of what you own before you can decide how to distribute it. This includes everything from real estate and investment accounts to personal belongings and sentimental items.”
Consequently, Steve stresses the importance of being thorough. “Don’t just think about your major assets,” he advises. “Consider even seemingly insignificant items that hold value or meaning for you and your loved ones.”
Challenges in Asset Inventory
Steve, are there any common pitfalls you see people encounter when taking inventory?
“One issue I often encounter is forgetting about digital assets,” Steve notes. “Nowadays, many of us have online accounts with financial institutions, social media platforms, and even cryptocurrency wallets. It’s crucial to document these as well.”
He recalls a situation where a client had passed away, leaving behind significant investments in Bitcoin. The family was unaware of this asset and faced considerable difficulty accessing it due to the lack of proper documentation.
“Notwithstanding this example, forgetting about physical assets like jewelry or collectibles is also surprisingly common,” Steve adds. “I encourage people to create a detailed list with descriptions and estimated values for all their possessions.”
The Value of Proper Planning
According to a 2021 survey by the AARP, over 50% of adults haven’t created a will or living trust. This highlights the widespread need for estate planning education and services.
“Taking inventory is often the catalyst that gets people thinking about their entire estate plan,” Steve observes. “It forces them to confront their mortality in a constructive way and make informed decisions about how their legacy will be preserved.”
Empowering Families
Steve, what advice would you give to someone just starting the process of taking inventory?
“Start simple,” he recommends. “Gather all your important documents like bank statements, investment records, and property deeds. Then, create a spreadsheet or use a dedicated estate planning app to categorize and value your assets.”
“Remember, this is an ongoing process. As your circumstances change, update your inventory accordingly. It’s a gift you give to yourself and your loved ones, ensuring peace of mind for everyone involved.”
Seeking Expertise
For those seeking expert guidance on estate planning and asset management, Steve Bliss and his team at San Diego Probate Law are ready to assist. They offer personalized consultations to help individuals create comprehensive plans tailored to their unique needs.
Testimonials
“Steve Bliss was incredibly patient and understanding as he guided me through the complexities of probate. He made a difficult process feel manageable, and I am grateful for his expertise.”
– Margaret S., San Diego
“San Diego Probate Law helped me settle my father’s estate with efficiency and compassion. Their attention to detail and commitment to client satisfaction were truly commendable.”
– John T., La Jolla
Take control of your future and secure the well-being of your loved ones by contacting San Diego Probate Law today for a confidential consultation.
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 does Medi-Cal planning relate to estate planning?” Or any other related questions that you may have estate planning or my estate planning law practice.
Important Facts About San Diego Probate Law
| San Diego Estate Planning Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Planning Attorneys California |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Planning Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Estate Planning Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Planning Attorneys San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Estate Planning Attorneys in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |