Taking Inventory of Your Assets: The Foundation of a Strong Estate Plan
Today we’re joined by Steve Bliss, a renowned San Diego Probate Attorney, to discuss the critical first step in estate planning: taking inventory of your assets. Steve, why is this initial step so crucial?
“It’s like building a house,” explains Steve. “You need a solid foundation before you can start adding rooms and finishing touches. In estate planning, that foundation is a comprehensive understanding of what you own. Without knowing exactly what assets are in your possession, it’s impossible to effectively distribute them according to your wishes.”
He elaborates on the types of assets that should be included: “Real estate, both residential and commercial; investment accounts like stocks, bonds, and retirement funds; bank accounts, including checking, savings, and money market accounts; personal property such as vehicles, jewelry, artwork, and collectibles. Don’t overlook seemingly minor items like digital assets, frequent flyer miles, or even online subscriptions.”
Steve emphasizes the importance of accurate valuation: “It’s not enough to simply list your assets. You need to determine their approximate market value. This helps ensure that your estate is distributed fairly and avoids any potential disputes among beneficiaries.” He recommends consulting with financial advisors or appraisers for assistance in valuing complex assets.
Challenges and Triumphs
Have you encountered any common challenges when clients are trying to compile this inventory?
“Certainly,” Steve nods. “Many people underestimate the scope of their possessions, forgetting about items tucked away in storage or sentimental valuables passed down through generations. I’ve had clients who were surprised by the true value of their collections, realizing they held assets worth significantly more than they initially thought.”
He recalls a case where a retired professor was hesitant to disclose his extensive stamp collection, believing it held little monetary value. “Turns out,” Steve smiles, “his collection was quite rare and worth tens of thousands of dollars. Including it in his estate plan ensured his beloved hobby would continue to be appreciated by future generations.”
The Impact of a Thorough Inventory
According to a 2021 survey by the American Bar Association, over 60% of adults do not have a will or estate plan. This lack of preparation can lead to unnecessary stress and financial burden for loved ones during an already difficult time. Creating a detailed inventory significantly reduces the likelihood of these complications.
Steve concludes: “Taking inventory is more than just a checklist; it’s a journey of self-reflection and planning for the future. It empowers you to make informed decisions about how your legacy will be preserved and passed on.”
Your Future, Secured
Don’t leave your loved ones in the dark. Take control of your financial destiny. Contact San Diego Probate Law today to begin building a secure and lasting legacy.
“San Diego Probate Law made the process of planning for my future so easy and understandable. I finally feel confident that my wishes will be honored.” – Sarah M.
“Steve Bliss is incredibly knowledgeable and compassionate. He truly cares about his clients and goes above and beyond to ensure their needs are met.” – John D.
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 handle out-of-state property in my estate plan?” 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 Spendthrift Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Spendthrift Trust Attorney California |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Spendthrift Trust Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Spendthrift Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Spendthrift Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Spendthrift Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |