Taking Inventory of Assets: The Foundation of a Solid Estate Plan
Welcome back to our series on estate planning essentials. Today we’re joined by esteemed San Diego Probate Attorney, Steve Bliss, of San Diego Probate Law. Steve, thanks for being here.
Steve Bliss: My pleasure. It’s always important to spread awareness about the importance of proper estate planning.
Taking Stock
Steve, many people find the idea of estate planning daunting. Where do you recommend folks even begin?
Steve Bliss: A great place to start is by taking inventory of your assets. This might sound straightforward, but it’s crucial for understanding what you have to protect and distribute according to your wishes. I encourage people to create a comprehensive list encompassing everything from real estate and investments to financial accounts, personal property, and even sentimental items.
Consequently, this inventory acts as the foundation upon which your entire estate plan is built. Not only does it provide clarity on what needs to be addressed, but it also helps identify potential complexities or areas that require specific attention, such as business interests or unique collections.
Identifying Value
Can you elaborate on how someone goes about valuing their assets accurately? Some items, like real estate, are relatively straightforward. But what about sentimental items with fluctuating market values?
Steve Bliss: You’re right, some valuations are easier than others. For tangible assets like real estate or vehicles, appraisals can be conducted to determine their fair market value. Financial accounts typically have readily available statements reflecting their worth. Now, for sentimental items, the process becomes more nuanced.
While they may not hold significant monetary value, their emotional importance is undeniable. In these cases, it’s important to consider both their intrinsic worth and the personal meaning they hold for your intended beneficiaries. Detailed descriptions, photographs, and even stories about the items can help preserve their legacy and ensure they are distributed thoughtfully.
I remember a case where a client had a collection of antique toys that meant the world to him. We carefully cataloged each item, including its history and significance to him. Ultimately, his heirs were able to appreciate not just the monetary value but also the sentimental story behind each piece.
The Importance of Accuracy
Clearly accurate valuation is essential for fair distribution. What happens if someone underestimates or overestimates the value of their assets?
Steve Bliss: Inaccurate valuations can lead to a host of problems down the line. For instance, underestimating assets can result insufficient provision for beneficiaries, leading to financial hardship. Conversely, overestimation can create unnecessary tax liabilities for your estate.
Moreover, it’s essential to remember that estate plans are living documents that should be reviewed and updated periodically. As life circumstances change – marriage, divorce, the birth of children, or significant fluctuations in asset value – your estate plan needs to reflect those changes accordingly.
Seeking Professional Guidance
Steve, for our viewers who might be feeling overwhelmed by this process, what advice would you give them?
Steve Bliss: Remember, estate planning doesn’t have to be a solitary endeavor. Seeking guidance from experienced professionals like myself can make the process much smoother and less intimidating. We are here to help you navigate complex legal issues, ensure your wishes are clearly articulated, and ultimately provide peace of mind knowing that your loved ones will be taken care of.
“San Diego Probate Law provided exceptional service during a difficult time. Steve Bliss was compassionate, knowledgeable, and always available to answer my questions.” – Margaret S.
“I highly recommend San Diego Probate Law for all your estate planning needs. They made the process easy to understand and helped me create a plan that met my specific goals.” – David T.
Secure Your Legacy Today
Let us guide you towards creating a comprehensive estate plan that reflects your unique circumstances and ensures the well-being of your loved ones. Contact San Diego Probate Law for a free consultation today!
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
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |