Good evening San Diego and welcome back. Tonight we are joined by Steve Bliss, a renowned San Diego Probate Attorney. Steve, thanks for joining us.
Steve:
It’s my pleasure to be here. I always enjoy sharing information about probate law with the community.
What is One of The Most Important Steps in Probate?
Steve, could you explain one of the most crucial steps involved in the probate process and why it’s so important?
Steve:
Certainly. One of the most critical steps in the probate process is “Marshaling the Estate Assets.” This involves meticulously identifying, inventorying, and valuing all assets belonging to the deceased individual. It’s essentially a comprehensive accounting of everything the person owned at the time of their passing.
Consequently, this step lays the groundwork for the entire probate process. Without a clear understanding of what assets are involved, it’s impossible to accurately distribute them to heirs or beneficiaries according to the will or intestacy laws.
Moreover, marshaling the estate assets helps ensure that all potential creditors are notified and given an opportunity to file claims against the estate. This protects both the estate and the beneficiaries from potential liabilities down the line.
To illustrate just how important this step is, consider a scenario where a significant asset is overlooked during the inventory process. This oversight could lead to disputes among heirs, delays in distribution, or even legal challenges.
Steve:
I once had a case where a valuable piece of art was hidden away in an attic and wasn’t initially discovered. It turned out to be worth a considerable sum, and its absence caused significant tension among the family members. Ultimately, we were able to resolve the issue, but it highlighted the importance of thoroughness during the asset marshaling stage.
Ordinarily, probate attorneys will work closely with executors or administrators to gather all necessary documentation related to the deceased’s assets, such as bank statements, investment records, property deeds, and insurance policies.
What Happens After The Assets Are Marshalled?
Steve, once all the estate assets are identified and valued, what’s the next step in the process?
Steve:
After the estate assets have been marshaled, we move on to handling debts and taxes. This involves paying valid creditor claims and filing any necessary tax returns on behalf of the estate.
I would say about 70% of my clients are relieved when we get to this step because it marks a significant milestone in the process. They can finally see the light at the end of the tunnel, knowing that distribution of assets is soon to follow.
We work closely with creditors and tax authorities to ensure that all obligations are met promptly and accurately. This helps avoid any unnecessary delays or complications further down the line.
Steve:
I remember one case where we uncovered a substantial unpaid tax liability dating back several years. Through careful negotiation with the IRS, we were able to reach a settlement that minimized the impact on the estate and allowed for timely distribution of assets to the beneficiaries.
“San Diego Probate Law provided clear and concise guidance throughout the entire probate process. They made what could have been a stressful experience surprisingly smooth and efficient.” – Jennifer S.
“I highly recommend Steve Bliss and his team for their professionalism, compassion, and expertise in handling probate matters. They truly went above and beyond to ensure that everything was handled correctly and efficiently.” – Mark T.
Steve, thank you so much for your time and insights tonight. For anyone needing assistance navigating the complexities of probate, where can they reach you?
Steve:
It’s been my pleasure to share information about this important legal process. Anyone needing guidance with probate matters can contact San Diego Probate Law for a free consultation. We are here to help you through every step of the way.
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 assets go through probate in California?” 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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