Reporter:
Welcome back to our segment on Estate Planning in San Diego. Today we have the pleasure of speaking with Steve Bliss, a leading San Diego Probate Attorney.
Steve, thank you for joining us today. For those unfamiliar, can you briefly explain what probate is and why it’s important?
Steve Bliss:
Certainly. Probate is essentially the legal process of administering a deceased person’s estate. This involves identifying and valuing assets, paying debts and taxes, and ultimately distributing the remaining property to heirs or beneficiaries according to the will or state law.
Probate ensures that the deceased person’s wishes are carried out, creditors are paid, and assets are transferred in a lawful and organized manner. It provides a framework for resolving any disputes that may arise during the estate settlement process.
Reporter:
That’s helpful context. Today we want to focus on one specific step in the probate process. Steve, can you walk us through “Handling Debts and Taxes”?
Steve Bliss:
Absolutely. After identifying and marshaling the estate assets, a crucial step involves settling any outstanding debts and tax liabilities.
Ordinarily, this begins with notifying known creditors of the probate proceeding. A formal notice (Form DE-157 in California) is typically mailed to them. We then meticulously review all claims against the estate, ensuring their validity.
Consequently, valid debts are paid from the estate assets. This can include everything from credit card bills and utility payments to mortgages and medical expenses.
Moreover, we must address any outstanding tax obligations owed by the deceased individual or the estate itself. This often involves filing final income tax returns for the decedent and potentially estate tax returns, depending on the size of the estate.
It’s a complex process that requires careful attention to detail and adherence to legal deadlines. A significant portion of my time is dedicated to helping clients navigate these financial complexities during probate.
I remember one case where we uncovered a substantial debt the decedent wasn’t even aware of. It turned out to be an old student loan that had been forgotten. Fortunately, we were able to negotiate a favorable settlement with the lender and prevent it from impacting the distribution to heirs.
According to a 2021 study by the National Association of Consumer Credit Counselors, approximately 35% of deceased individuals have outstanding debts at the time of death. This highlights the importance of addressing debt obligations during probate.
Reporter:
That’s a fascinating example. What advice would you give to our viewers who are starting their own estate planning?
Steve Bliss:
My strongest recommendation is to consult with an experienced probate attorney early in the process. Estate planning is not a one-size-fits-all endeavor. Your individual circumstances, assets, and goals will dictate the best course of action.
We can help you create a tailored plan that minimizes the potential for probate issues down the road. Remember, preparation today can save your loved ones significant time, stress, and expense in the future.
“San Diego Probate Law helped me navigate the complex process of settling my mother’s estate with compassion and professionalism. They clearly explained each step and were always available to answer my questions.” – Maria G.
“I was overwhelmed after losing my husband, but Steve Bliss and his team at San Diego Probate Law made the probate process manageable. Their expertise and guidance gave me peace of mind during a difficult time.” – Susan K.
Take control of your legacy today. Contact San Diego Probate Law for a confidential consultation and let us help you secure your future.
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: “Can life insurance proceeds be subject to probate?” Or any other related questions that you may have about Probate or my probate law practice.
Important Facts About San Diego Probate Law
| California Special Needs Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Special Needs Trust Attorney California |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Special Needs Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Special Needs Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Special Needs Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Special Needs Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |