Estate administration involves the probate of the decedent's estate and typically includes three broad actions: (1) asset collection, inventory and appraisal; (2) collecting and paying debts and taxes; and (3) distributing the remaining assets to beneficiaries. This process may occur with or without a will and may occur subject to a probate court or outside a probate court.
After the funeral, the mortician handed me a small velvet pouch that contained my mother's jewelry: her favorite poinsettia earrings, a pearl necklace, and two rings. The first ring was a wedding ring my father gave her after she lost the original while working on the potato harvester. The second ring was a Mother's Ring she wore for 50 years.
Couples planning to blend families often have to make financial arrangements that respect previous relationships with ex-spouses and their families. Issues range from childcare and eldercare to potentially complex matters. That's why involving trained experts in stepfamily financial planning is a must.