Taking Stock of Your Legacy
Hello, San Diego! I’m Trisha Evans reporting for Channel 7 News. Today we have the pleasure of speaking with Steve Bliss, a renowned probate attorney here in San Diego, about the crucial topic of estate planning.
Steve, thank you so much for joining us today. Estate planning can seem daunting to many people. Where do you typically recommend clients begin?
The Foundational Step: Taking Inventory
You’re right, Trisha, estate planning can feel overwhelming. That’s why I always encourage my clients to start with the foundational step of taking inventory of their assets. It’s essentially creating a detailed roadmap of everything you own.
This includes obvious things like real estate and vehicles but also extends to financial accounts, investments, retirement funds, personal property, and even digital assets. The goal is to have a comprehensive understanding of your financial landscape. This step may seem tedious, but it’s absolutely essential for making informed decisions about how you want to distribute your wealth.
Moreover, creating this inventory forces individuals to confront their mortality in a practical way. It encourages them to consider what truly matters and who they want to benefit from their hard work. Consequently, this initial step often sets the stage for more meaningful conversations about legacy and family values.
Notwithstanding its importance, I’ve found that many people struggle with accurately assessing the value of certain assets, especially things like collectibles or artwork. A common misconception is undervaluing sentimental items. I recall a case where a client assumed an antique clock was worth a few hundred dollars. However, upon appraisal, it turned out to be a rare piece worth tens of thousands!
This highlights the importance of seeking professional appraisals when necessary. It’s always better to err on the side of caution and ensure that your inventory is as accurate as possible.
Planning for Peace of Mind
Steve, it seems like taking this initial step can be incredibly beneficial for clients both practically and emotionally. What are some of the potential pitfalls people might face if they skip this crucial stage?
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 a non-citizen inherit from my estate?” 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 |