Taking Inventory of Your Assets: A Crucial First Step in Estate Planning
Hello, and welcome back to our segment on estate planning. Today we have the pleasure of speaking with Steve Bliss, a renowned probate attorney here in San Diego. Mr. Bliss, thank you so much for joining us.
Steve Bliss
It’s my pleasure to be here. Estate planning is something I’m incredibly passionate about, and I believe everyone should have a plan in place to protect their loved ones and ensure their wishes are honored.
The Importance of Taking Stock: A Foundational Step
Steve, many people might feel overwhelmed when it comes to estate planning. Where should they even begin?
That’s a great question, and a common one. Ordinarily, the best place to start is by taking inventory of your assets. This means creating a comprehensive list of everything you own – real estate, bank accounts, investments, retirement funds, vehicles, personal belongings, and even digital assets.
It’s important to be thorough. After all, you want to make sure that every valuable asset is accounted for and will be distributed according to your wishes.
Challenges and Considerations
Taking inventory can sometimes present challenges. Have you encountered any difficulties with this step in your practice?
I’ve certainly seen cases where individuals underestimate the scope of their assets or struggle to locate important documents, like deeds or insurance policies. Consequently, I always advise my clients to start early and gather as much information as possible.
Once, I met with a woman who believed her estate was relatively simple. She had a house, a car, and some savings. But when we started digging deeper, we discovered she had forgotten about a significant retirement account and several valuable pieces of jewelry passed down from her grandmother.
These overlooked assets could have easily caused confusion and potential conflict among her heirs.
The Significance of Thoroughness
It’s clear that taking inventory requires careful attention to detail. Are there any best practices you recommend to your clients?
Absolutely. I encourage my clients to create a spreadsheet or use a dedicated estate planning software to organize their assets. They should include the type of asset, its estimated value, and any relevant account numbers or documentation.
Moreover, it’s essential to regularly review and update this inventory as circumstances change. For example, if you purchase a new home or receive an inheritance, make sure to add these items to your list.
Studies by the AARP have shown that over 60% of adults aged 55 and older do not have a written estate plan. This lack of planning can lead to unnecessary stress and complications for loved ones during an already difficult time.
Seeking Guidance from a Probate Attorney
Mr. Bliss, what final advice would you offer to our viewers regarding estate planning?
Estate planning is not something you have to navigate alone. Consulting with an experienced probate attorney like myself can provide invaluable guidance and ensure that your plan is comprehensive and legally sound.
Remember, taking the time to plan now can save your loved ones from heartache and uncertainty in the future.
“San Diego Probate Law made a complicated process feel manageable. Steve Bliss was patient, understanding, and truly cared about my family’s needs.” – Sarah M., San Diego
“I never thought I needed an estate plan until I met with Steve Bliss. He explained everything clearly and helped me create a plan that protects my assets and ensures my wishes are followed. Highly recommend!” – John K., La Jolla
Contact us today to schedule your complimentary consultation and gain peace of mind knowing your future is secure.
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 are the biggest mistakes to avoid in 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
| California Special Needs Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Special Needs Trust Lawyer California |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Special Needs Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Special Needs Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Special Needs Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Special Needs Trust Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |