Taking Inventory of Assets: The Foundation of Estate Planning
Welcome back to our show! Today we’re speaking with Steve Bliss, a renowned probate attorney here in San Diego. Steve, thank you for joining us.
Let’s talk about estate planning – a topic that can feel overwhelming for many. Where do people typically begin this process?
Steve Bliss:
It all starts with taking inventory of your assets. This might sound straightforward, but it’s crucial to be thorough and include everything.
Consequently, you’ll want a comprehensive list encompassing real estate, investments like stocks and bonds, financial accounts, personal property such as vehicles and jewelry, and any other valuables. Think of it as creating a financial snapshot of your life.
Moreover, this inventory isn’t just about monetary value. It helps you visualize what you have to distribute and consider who would benefit most from each asset. For instance, a cherished family heirloom might hold sentimental value for a specific loved one, making it a natural choice for them in your will.
Notwithstanding the initial effort required, taking this step early on streamlines the entire estate planning process. It provides a clear foundation upon which you can build your legal documents and ensure your wishes are carried out accurately.
Challenges with Asset Inventory
I once worked with a client who thought they had a straightforward estate, only to discover they owned several forgotten retirement accounts scattered across different institutions. This oversight could have led to significant complications for their heirs. Thankfully, we were able to locate and consolidate these assets before finalizing the estate plan.
It’s also important to remember that asset values fluctuate over time. A home you bought decades ago might be worth considerably more today. Regularly updating your inventory ensures it reflects current market realities. According to a 2021 study by the National Association of Realtors, median home prices have risen by over 35% in the last five years.
Moving Forward
Steve, any final words of wisdom for our viewers contemplating estate planning?
Steve Bliss:
Estate planning is a gift you give to yourself and your loved ones. By taking the time to organize your affairs and clearly outline your wishes, you alleviate potential stress and confusion down the line.
Remember, it’s never too early to start. I encourage everyone to consult with an experienced probate attorney who can guide them through this important process. We are here to help.
Testimonials
“Steve Bliss made a complex situation understandable and manageable. He was patient, empathetic, and truly advocated for my family’s best interests.” – Maria S.
“I felt confident knowing San Diego Probate Law was handling my case. Their expertise and professionalism were invaluable during a difficult time.” – David L.
Let us help you craft an estate plan that honors your legacy and secures the future of your loved ones. Contact San Diego Probate Law today to schedule a 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: “Can I create a joint trust with my spouse?” Or any other related questions that you may have estate planning or my estate planning law practice.
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