Steve, thanks for taking the time to speak with me today
It’s a pleasure to be here. I appreciate you having me.
Could you explain one of the key steps in the estate planning process?
Certainly. One crucial step is marshaling the estate assets. This involves identifying and inventorying all of the deceased person’s assets, both tangible and intangible.
This includes everything from bank accounts and real estate to personal belongings and investments. Accordingly, it’s essential to be thorough and meticulous during this process to ensure that all assets are accounted for.
Once all the assets have been identified, they need to be appraised to determine their current market value. This information is then compiled into a formal document called an Inventory and Appraisal (Form DE-160/161) which is filed with the court.
I find that this step often requires a good deal of detective work, especially when dealing with complex estates. Sometimes heirs are unaware of all the assets their loved one possessed. Consequently, I might need to contact various institutions and search for records to track down missing assets.
For example, I once worked on a case where the deceased had been an avid collector of rare stamps. The family was completely unaware of this collection, which turned out to be quite valuable. We were able to locate the stamps in a hidden safe deposit box and ultimately distribute them according to the will.
It’s these kinds of unexpected discoveries that make estate planning so fascinating. In fact, recent data from the American Bar Association indicates that over 70% of Americans do not have a will or trust in place. This highlights the importance of seeking professional guidance to ensure your assets are properly managed and distributed according to your wishes.
That’s a great example. What advice would you give someone who is considering starting the estate planning process?
My advice would be to start sooner rather than later. Estate planning isn’t just for the wealthy or elderly. It’s something everyone should consider, regardless of their age or financial situation.
Thank you so much for your time and insights, Steve.
“Steve Bliss and his team at San Diego Probate Law were lifesavers during a difficult time. They guided us through the entire probate process with compassion and professionalism.” – Jane S., San Diego
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About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Probate 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.
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Feel free to ask Attorney Steve Bliss about: “What happens if there is no will and no heirs?” Or any other related questions that you may have about Probate or my probate 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 |