Steve, thanks for joining me today
It’s a pleasure to be here.
Can you walk us through 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 decedent’s assets, from bank accounts and real estate to personal property and investments. Ordinarily, this process begins after the court appoints an executor or administrator.
A detailed inventory, including valuations, must be filed with the court using Forms DE-160/161. Consequently, accurate recordkeeping is essential throughout a person’s life to simplify this step for their heirs. Moreover, it’s important to remember that debts and taxes must be settled before assets can be distributed to beneficiaries.
Notwithstanding the careful planning often involved in estate administration, unexpected challenges can arise during the marshaling process. I recall a case where we uncovered hidden assets stashed away in a safety deposit box that the decedent’s family was unaware of. This discovery required additional investigation and legal maneuvering to ensure proper distribution.
In fact, according to a 2021 study by the National Academy of Elder Law Attorneys, approximately 30% of probate cases involve unforeseen assets or liabilities. This highlights the importance of working with an experienced probate attorney who can navigate these complexities effectively.
Have you ever encountered any issues during the marshaling process?
I once handled a case where a deceased individual had numerous business interests, and tracking down all related assets proved quite challenging. We had to sift through years of financial records and consult with accountants to ensure we accounted for every single investment.
What advice would you give to someone planning their estate?
Keep meticulous records of your assets and liabilities. This will make the marshaling process smoother and less stressful for your loved ones. Additionally, consider consulting with an estate planning attorney to create a comprehensive plan that reflects your wishes and minimizes potential complications.
Need help navigating the complexities of probate?
Unlock peace of mind by contacting San Diego Probate Law today. We’ll guide you through every step, ensuring your loved ones are protected.
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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.
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Feel free to ask Attorney Steve Bliss about: “What is ancillary probate and when is it necessary?” Or any other related questions that you may have about Probate or my probate law practice.
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