The $700 Million Mistake and Why Every San Diego Estate Plan Needs an Asset Inventory

For over a decade, Howells has tried everything to recover his fortune, from pleading with city officials to take apart a landfill to pursuing legal action. The lesson here is clear. Without a clear understanding of what you own and where it is, even assets that are completely accessible today can vanish forever. For most of us, it’s not millions in Bitcoin at stake, but smaller-scale losses add up and can be just as devastating emotionally.

The Modern Challenge of Tracking Assets

Estate planning in San Diego today is more complex than ever. Homes in La Jolla, condos in Downtown San Diego, and beach properties in Pacific Beach represent just a fraction of what families own. Beyond real estate, modern assets can be digital, scattered, or hidden behind layers of technology.

Think about your own assets:

• Cryptocurrency in multiple digital wallets
• Retirement accounts and investment portfolios
• Life insurance for estate planning and other policies
• Digital photos, personal archives, and social media accounts
• Frequent flyer miles and reward points with real cash value
  
  

If you are unsure exactly what you have and where it is, you are not alone. Howells wasn’t. The problem is compounded when loved ones need access after you’re gone.

Consequences of Poor Asset Tracking

Statistics show that roughly $60 billion in assets are lost or forgotten each year across the U.S. Financial accounts, insurance policies, retirement funds, and even sentimental items regularly disappear when estates are not properly organized. The most common outcomes include:

• Assets permanently lost or forgotten
• Family members unaware of what exists
• Lengthy and costly court proceedings
• Conflicts between heirs over discovered assets
• Inaccessible digital accounts without proper password management
  
  

Sometimes, lost assets end up in a government unclaimed property system, adding layers of frustration and delay for those trying to recover what is rightfully theirs.

San Diego Families and the Importance of an Asset Inventory

At Peaceful Warrior Law, we see firsthand the emotional and financial toll of lost or mismanaged assets. Families in San Diego often face stress, conflict, and financial loss because estate plans are outdated or incomplete. Creating an inventory of all assets, both tangible and digital, is essential to preventing these outcomes.

A proper asset inventory considers every corner of your life. Real estate in North Park, bank accounts at local credit unions, life insurance for estate planning, business interests, and even cherished personal items should be catalogued and documented. A well-prepared inventory makes sure nothing is forgotten or left behind for your loved ones to hunt down during an emotional time.

The Comprehensive Estate Planning Approach

Traditional estate planning often stops at a will or a trust stored in a drawer. Comprehensive estate planning includes not only the legal documents but also a complete inventory of all assets, clearly organized and regularly updated. For San Diego residents, this could mean life insurance for estate planning, property in Carmel Valley, retirement accounts, and digital assets all working together seamlessly to protect your legacy.

James Howells' story may feel extreme, but it illustrates a universal truth: knowing what you have and ensuring your loved ones know how to access it can make all the difference. With proper planning and a detailed asset inventory, families in San Diego can avoid the heartache, stress, and financial loss that come when assets are left undocumented or unprotected.

Peace of mind in a complex world comes from preparation, foresight, and clarity. Keeping your estate organized ensures that your hard-earned assets and cherished memories are preserved for the people who matter most.