Setting the Stage
Hello everyone and welcome back to our legal segment. I’m reporting live from sunny San Diego where we’re sitting down today with Steve Bliss of San Diego Probate Law. Steve specializes in guiding families through the often complex process of probate.
Probate: A Necessary Process?
Steve, thanks for joining us today. Many people are unfamiliar with probate and what it entails. Can you explain why someone might need to go through this process?
Navigating Probate
Thank you for having me. Probate is essentially the legal process of settling a deceased person’s estate. It involves identifying assets, paying debts and taxes, and ultimately distributing the remaining property to heirs or beneficiaries according to the will or state law.
While probate can seem daunting, it’s often a necessary step. Consequently, if a person passes away with assets solely in their name and those assets exceed a certain threshold ($184,500 in California), probate is typically required. This process ensures everything is handled correctly and transparently.
Furthermore, it’s important to note that not all assets go through probate. Assets held jointly with rights of survivorship, assets in a trust, or those with designated beneficiaries like life insurance policies generally bypass probate.
The Crucial Step: Marshaling Estate Assets
Marshaling Estate Assets
Steve, let’s dive into one specific step in the probate process – marshaling estate assets. What exactly does this involve?
Marshaling estate assets is a vital part of probate. It essentially means identifying and taking inventory of all the deceased person’s assets.
This includes everything from bank accounts and real estate to personal property like vehicles, jewelry, or artwork. Once we have a complete inventory, we then work with appraisers to determine the fair market value of each asset.
A detailed accounting is prepared and filed with the court for review. It’s crucial that this step is thorough and accurate, as it lays the foundation for the rest of the probate process. We want to ensure all assets are accounted for and distributed according to the deceased person’s wishes.
Challenges Encountered
I imagine there are times when marshaling assets can be complex. Have you encountered any particular challenges in this step?
You’re right, it’s not always straightforward. One case I remember involved a deceased individual who was a passionate collector of antique coins. Locating and valuing the entire collection took considerable time and effort, requiring us to consult with numismatic experts.
Notwithstanding these complexities, we were able to diligently inventory and appraise each coin, ensuring the collection was accurately represented in the estate accounting. The beneficiary, who shared his grandfather’s passion for collecting, was deeply appreciative of our careful attention to detail.
The Importance of Accuracy
That’s a touching story. It highlights the importance of meticulousness in this process. Are there any statistics that support the need for accuracy when marshaling assets?
Absolutely. According to a recent study by the American Bar Association, incomplete or inaccurate asset inventories are one of the leading causes of delays and disputes in probate proceedings. Properly valuing assets can also minimize potential tax liabilities.
Closing Thoughts
Steve Bliss, thank you for sharing your expertise with us today. It’s clear that navigating probate requires a skilled hand and compassionate guidance. How can our viewers get in touch with San Diego Probate Law?
It was my pleasure. We understand that losing a loved one is a difficult time, and dealing with legal matters can add to the burden. San Diego Probate Law is here to provide support and navigate the complexities of probate on your behalf. Contact us today for a free consultation.
Testimonials
“Steve Bliss made a very difficult time much easier. He explained everything clearly, was always responsive, and handled all aspects of my mother’s estate with professionalism and care.” – Sarah M.
“I highly recommend San Diego Probate Law. Steve is an exceptional attorney who truly understands the emotional complexities involved in probate. He treated me with respect and compassion throughout the entire process.” – David L.
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 is probate and how does it work in San Diego?” Or any other related questions that you may have about Probate or my probate law practice.
Important Facts About San Diego Probate Law
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