Taking Inventory of Assets: The Foundation of Estate Planning
Welcome back to San Diego Legal News, I’m your host Carla Davis. Today we’re joined by renowned probate attorney Steve Bliss to discuss a critical aspect of estate planning – taking inventory of assets.
Steve, for our viewers who may not be familiar with the term, what exactly does “taking inventory of assets” entail?
Well Carla, it’s essentially creating a comprehensive list of everything you own. Think of it like a financial snapshot. This includes tangible assets like your home, vehicles, jewelry, and artwork, as well as intangible assets such as bank accounts, investments, retirement funds, and even digital assets like online accounts and cryptocurrencies.
It’s important to be thorough and accurate because this inventory will serve as the foundation for your estate plan. Consequently, any omissions could lead to complications down the line.
Why is this step so crucial in the estate planning process?
A clear understanding of what you own allows you to make informed decisions about how those assets will be distributed after your passing. Moreover, it helps identify potential tax liabilities and ensures that your wishes are carried out effectively.
For example, a client once came to me with only a vague idea of what they owned. We uncovered several forgotten bank accounts and investment portfolios, significantly changing their estate’s value. Notwithstanding the initial oversight, having a complete inventory allowed us to update their will accordingly and minimize potential disputes among heirs.
According to a 2021 study by Caring.com, over 60% of Americans don’t have a will or estate plan in place. This highlights the importance of proactively addressing your assets and ensuring they are properly accounted for.
Have you encountered any challenges related to this step during your practice?
Certainly. People often underestimate the scope of their assets, overlooking sentimental items with significant monetary value. Conversely, some individuals may overestimate their holdings, leading to unrealistic expectations. Accurately valuing assets, particularly complex ones like real estate or businesses, can also be tricky and may require professional appraisals.
What advice would you give to someone starting the process of taking inventory of their assets?
- Gather all relevant financial documents such as bank statements, investment summaries, and insurance policies.
- Make a list of all your possessions, including their estimated value. Take photographs if necessary.
- Consider using online tools or spreadsheets to organize your inventory.
- Consult with a financial advisor or estate planning attorney for guidance on valuing complex assets and ensuring your inventory is comprehensive.
Remember, estate planning is not a one-time event. Your circumstances will evolve over time, so it’s crucial to regularly review and update your asset inventory accordingly.
Steve, thank you for sharing your expertise with us today. How can our viewers learn more about San Diego Probate Law and the services you offer?
It was my pleasure Carla. For those looking to ensure their assets are protected and their wishes are honored, please visit our website at [website address] or call us directly at [phone number]. We’re committed to providing personalized and compassionate legal guidance to help you navigate the complexities of estate planning.
Testimonials
“Steve Bliss and his team were incredibly helpful and understanding during a difficult time. They guided me through the probate process with professionalism and compassion, making sure my mother’s wishes were respected.” – Sarah J.
“I highly recommend San Diego Probate Law. Steve is knowledgeable, responsive, and truly cares about his clients. He made the entire estate planning process smooth and stress-free.” – John M.
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 create a succession plan for my business?” 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 |