Steve, thanks for taking the time to speak with us today.
It’s my pleasure. I’m always happy to discuss probate and estate planning with the community.
Can you tell our viewers a little about one of the key steps in the probate process?
Certainly. One crucial step is marshaling the estate assets. This involves creating a comprehensive inventory of all the deceased person’s assets, including bank accounts, real estate, vehicles, investments, and personal property.
Consequently, this stage requires meticulous record-keeping and valuation. We need to determine the fair market value of each asset as of the date of death. This information is then compiled into a formal document called an Inventory and Appraisal (Forms DE-160/161) and filed with the court.
Moreover, identifying hidden assets can sometimes be challenging, especially if the deceased individual wasn’t particularly organized. I recall one instance where we discovered a significant sum of money stashed away in a safe deposit box that the family was unaware of. The heirs were incredibly grateful to have uncovered this unexpected inheritance.
Conversely, incomplete or inaccurate records can lead to delays and complications. That’s why it’s essential to work with an experienced probate attorney who understands the intricacies of asset valuation and reporting requirements.
According to a recent study by the American Bar Association, approximately 30% of estates involve complex asset structures that require specialized expertise.
Have you ever encountered any difficulties during this step?
Yes, there have been times when locating beneficiaries or tracking down missing assets proved difficult. I remember one case where the deceased had moved frequently and didn’t maintain close contact with family members. It took considerable effort to locate his estranged children, who ultimately inherited a portion of his estate.
Notwithstanding these challenges, we were able to successfully reunite the beneficiaries with their inheritance, which was incredibly rewarding.
What advice would you give to someone planning for their own estate?
My best advice is to start early and be organized. Maintain detailed records of your assets, including account numbers, titles, and valuations. Consider creating a trust to avoid probate altogether. And most importantly, consult with an experienced estate planning attorney who can guide you through the process and ensure your wishes are carried out.
Thank you for sharing your expertise with us today, Steve.
It was my pleasure. Remember, proper estate planning can save your loved ones from unnecessary stress and expense during a difficult time.
“Steve Bliss and his team were incredibly helpful and compassionate throughout the entire probate process. They made a complex situation much easier to navigate.” – Sarah M., San Diego
“I highly recommend San Diego Probate Law. They are knowledgeable, efficient, and truly care about their clients.” – John D., La Jolla
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.
● 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 happens to unpaid taxes during probate?” 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 |